Application Problem 7-3B al-a2, b (Part Level Submission) Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory system. The following schedule relates to the company's inventory for the month of May: Sales $67,600 May 1 Beginning inventory 5 Sale 9 Purchase 13 Purchase 24 Sale 27 Sale 30 Purchase Cost 120 units $78,000 80 units 40 units $28,600 160 units $124,800 160 units 40 units 60 units $51,480 $145,600 $41,600 (al) Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold Gross margin Ending Inventory