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 210 units $136,500 5 Sale 140 units $118,300 9 Purchase 70 units $50,050 13 Purchase 280 units $218,400 24 Sale 280 units $254,800 27 Sale 70 units $72,800 30 Purchase 105 units $90,090 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 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 0 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%) Gross Margin Ratio FIFO Weighted-average % % produces the higher gross margin.