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Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the company's inventory for the month of May: Sales Cost $ 108,000 May 1 5 $93,600 9 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 13 180 units 120 units 60 units 240 units 240 units 60 units 90 units $39,600 $172,800 24 $201,600 $57,600 27 30 $71,280 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ $ Ending Inventory $ Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, eg. 61.05%.) Gross Margin Ratio FIFO % Weighted-average % produces the higher gross margin