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 $ 42,000 5 Sale 80 units $36,400 9 Purchase 40 units $ 15,400 13 Purchase 160 units $ 67,200 24 Sale 160 units $ 78,400 27 Sale 40 units $ 22,400 30 Purchase 60 units $ 27,720 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 O decimal places, eg. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ ta 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