Question 2 of 4 - /5 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: Cost Sales May 1 $48,000 5 Beginning inventory Sale Purchase $41,600 120 units 80 units 40 units 160 units 9 13 Purchase $17,600 $76,800 24 160 units Sale Sale 27 $89,600 $25,600 40 units 30 Purchase 60 units $31,680 (a 1) Calculate Saddlery Company's dost of goods sold, gross margin, and ending inventory using FIFO, Cost of goods sold $ Gross margin $ Ending Inventory $ PLAY