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 23 27 Sale 40 units $22,400 30 Purchase 60 units $27,720 (a1) Calculate Crane Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending inventory $