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 Beginning inventory 90 units $49,500 5 Sale 60 units $42,900 9 Purchase 30 units $18,150 13 Purchase 120 units $79,200 24 Sale 120 units $92,400 27 Sale 30 units $26,400 30 Purchase 45 units $32,670 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $ eTextbook and Medla 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 O decimal places, e.g. 61,052) Cost of goods sold $ Gross margin $ Ending Inventory $ eTextbook and Media Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%) FIFO Weighted-average FIFO Gross Margin Ratio 96 96 produces the higher gross margin.