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 Cost $126,000 $109,200 May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 210 units 140 units 70 units 280 units 280 units 70 units 105 units $46,200 $201.600 $235,200 $67,200 $83,160 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 . 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, eg. 10.52 and final answers to decimal places, eg. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ | eTextbook and Media x Your answer is incorrect. Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, eg. 61.05%.) Gross Margin Ratio FIFO % Weighted average % produces the higher gross margin. . e Textbook and Media