Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the companys inventory for the month of May:

						Cost		Sales
May 1		Beginning inventory		180 units		$117,000
5		Sale		120 units				$101,400
9		Purchase		60 units		$42,900
13		Purchase		240 units		$187,200
24		Sale		240 units				$218,400
27		Sale		60 units				$62,400
30		Purchase		90 units		$77,220

Calculate Saddlery Companys cost of goods sold, gross margin, and ending inventory using FIFO.

Cost of goods sold
Gross margin		.
Ending Inventory

Calculate Saddlery Companys cost of goods sold, gross margin, and ending inventory using weighted-average. (Round calculations for cost per unit to 2 decimal places, e.g. 10.52 and final answers to 0 decimal places, e.g. 61,052.)

Cost of goods sold
Gross margin
Ending Inventory

		Gross Margin Ratio
FIFO
Weighted-average

Which cost formula produced the higher gross margin?