Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the perpetual inventory system. The following schedule relates to the companys 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

(a1)

Calculate Saddlery Companys cost of goods sold, gross margin, and ending inventory using FIFO.

Cost of goods sold
Gross margin		.
Ending Inventory