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 120 units $48,000 50 Sale 80 units $41,600 9 24 27 13 24 33 160 Purchase 40 units $17,600 Purchase 160 units $76,800 Sale 160 units $89,600 27 Sale 40 units $25,600 90 30 Purchase 60 units $31,680