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: Sales May 1 5 Beginning inventory Sale Cost $31,500 $27,300 a 13 Purchase Purchase Sale 90 units 60 units 30 units 120 units 120 units 30 units 45 units $11,550 $50,400 24 27 Sale $58,800 $16,800 30 Purchase $20,790 * Your answer is incorrect. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory X Your answer is incorrect. 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, es. 10.52 and final answers to 0 decimal places, e.g. 61,052.) Cost of goods sold $ 84176.4 Gross margin $ 18723.6 Ending Inventory $ 30063 Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61,05%) Gross Margin Ratio FIFO % Weighted-average % FIFO produces the higher gross margin