Question 4 of 6 - 71 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 $60,000 May 1 Beginning inventory 150 units 5 Sale 100 units $52,000 9 Purchase 50 units $22.000 13 Purchase 200 units $96,000 24 Sale 200 units $112.000 27 Sale 50 units $32.000 30 Purchase 75 units $39.600 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO, Cost of goods sold $ Gross margin $ Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $ e Textbook and Media 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, eg. 10.52 and final answers to decimal places, eg. 61,052.) 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 96 produces the higher gross margin. e Textbook and Media