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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: Cost Sales May 1 120 units $48,000 Beginning inventory Sale 5 80 units $41,600 9 Purchase 40 units $17,600 $76,800 13 Purchase Sale 160 units 160 units 24 $89,600 $25,600 27 Sale 40 units 30 Purchase 60 units $31,680 (a1) Your Answer Correct Answer (Used) Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ 123,200 Gross margin $ 33,600 Ending Inventory $ 50,880