NEED ANSWERS WITH STEPS FOR PART (b) ASAP, MAKE SURE YOUR ANSWERS ARE CORRECT AND MAKES SENSE ! ! !

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 Cost $49,500 $42,900 May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 90 units 60 units 30 units 120 units 120 units 30 units 45 units $18,150 $79,200 $92,400 $26,400 $32,670 (al) Your answer is correct. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold 127,050 Gross margin 34,650 Ending Inventory 52,470 (a2) Your answer is correct. 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 2 decimal places, e.g. 610.52.) Cost of goods sold 132,276.9 Gross margin 29,423.1 Ending Inventory 47,241.75 LINK TO TEXT Attempts: 1 of 2 used (b) 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