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1 Question 9 of 12 - /5 View Policies Current Attempt in Progress Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses
1 Question 9 of 12 - /5 View Policies Current Attempt in Progress Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 120 units $78,000 5 Sale 80 units $67,600 9 Purchase 40 units $28,600 13 Purchase 160 units $124,800 24 Sale 160 units $145,600 27 Sale 40 units $41,600 30 Purchase 60 units $51,480 Question 9 of 12 -/5 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $ e Textbook and Media Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO % Weighted average % produces the higher gross margin
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