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 150 units $ 60,000 5 Sale 100 units $ 52,000 9 Purchase 50 units $ 22,000 13 Purchase 200 units $ 96,000 24 Sale 200 units $ 112,000 27 Sale 50 units $32,000 30 Purchase 75 units $ 39,600 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin Ending Inventory e Textbook 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, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ e Textbook 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 % v produces the higher gross margin. e Textbook and Media