Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 150 units $82,500 5 Sale 100 units $71,500 9 Purchase 50 units $30,250 13 Purchase 200 units $132.000 24 Sale 200 units $154,000 27 Sale 50 units $44,000 30 Purchase 75 units $54,450 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $ 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 2 decimal places, eg, 610.52.) Cost of goods sold $ Gross margin $ Ending Inventory $ e Textbook and Media Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%) Gross Margin Ratio FIFO % Weighted average 96 produces the higher gross margin