Calculate Cullumber company's gross margin ratio using:

A$)$ FIFO

B$)$ Weighted Average

C$)$ Which cost formula produced the higher gross margin?

Cullumber Company sells leather saddles and equipment for horse enthusiasts. Cullumber uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May:

$\backslash$table$[[,,$Cost,Sales,$],[$May $1,$Beginning inventory,$210$ units,$$136,500,],[5,$Sale,$140$ units,,$$118,300$