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 B0 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 (11) a1 Calculate Saddlery Company's cost of goods sold gross margin and ending inventory using FIFO. Cost of goods sold $ (a1) 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 Save for Later Attempts: 0 of 3 used Submit Answer (a2) 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, e. 61.052.) Cost of goods sold $ Gross margin 5 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-9. 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 Save for Later Attempts:0 of 3 used Submit Answer (b) Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, 0.9.61.05%) Gross Margin Ratio FIFO % Weighted average X (6) Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, es 61.05%) Gross Margin Ratio FIFO % Weighted average produces the higher gross margin Tante