Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for...
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Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April: Sales April 1 3 Cost $43,734 32,708 5 Beginning inventory Purchase Sale Purchase Sale $30,004 74 units 52 units 26 units 26 units 62 units 38 units 48 units 11 15 17,004 79,670 47,386 22 Sale 28 Purchase 32,832 Soft Touch uses the periodic inventory system. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using: i. FIFO ii. Weighted average (Round calculations for cost per unit to 2 decimal places, e.g. 10.52. Round answers under weighted-average to 2 decimal places, e.g. 61,052.79.) Cost of Goods Sold Gross Margin Ending Inventory $ $ S $ i. FIFO $ $ $ ji. Weighted average e Textbook and Media Which cost formula produced the higher gross margin ratio? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio % FIFO % Weighted average produces the higher gross margin ratio
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