Crane Company sells leather saddles and equipment for horse enthusiasts. Crane 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 $42,000 5 Sale 80 units $36,400 9 Purchase 40 units $15,400 13 Purchase 160 units $67,200 24 Sale 160 units $78,400 27 Sale 40 units $22,400 30 Purchase 60 units $27,720 Your answer is partially correct. Calculate Crane Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin Ending inventory A A 107800 15120 180 Calculate Crane 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 O decimal places, e.g. 61,052.) Cost of goods sold $ Gross margin AA 108500 28700 Ending inventory $ 43820 Calculate Crane Company's gross margin ratio using: (Round answers to 2 decimal places, e.g. 61.05%.) i. FIFO ii. Weighted-average FIFO Weighted-average Gross Margin Ratio % % Which cost formula produced the higher gross margin? produces the higher gross margin.