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 150 units $82,500 May 1 5 Beginning inventory Sale Purchase $71,500 9 $30,250 $132,000 13 Purchase 100 units 50 units 200 units 200 units 50 units 75 units 24 Sale $154,000 $44,000 27 Sale 30 Purchase $54,450 X 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 $ e Textbook and Media 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, 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 Your answer is partially correct. 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 v produces the higher gross margin. e Textbook and Media