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 $90,000 5 $78,000 9 $33.000 Beginning inventory 150 units Sale 100 units Purchase 50 units Purchase 200 units Sale 200 units Sale 50 units 13 $144,000 24 $168.000 27 $48.000 30 Purchase 75 units $59,400 Your answer is correct. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ 231,000 Gross margin $ 63,000 Ending Inventory $ 95,400 e Textbook and Media X Your answer is incorrect. 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 2 decimal places, eg. 610.52.) Cost of goods sold $ 232.500 Gross margin $ 61.500 Ending Inventory s 94.500 eTextbook and Media - Your answer is partially correct. Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, eg. 61.05%.) Gross Margin Ratio FIFO 2143 % Weighted average 20.92 % FIFO v produces the higher gross margin. eTextbook and Media