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 210 units $ 84,000 May 1 Beginning inventory 5 Sale 140 units $ 72,800 9 Purchase 70 units $ 30,800 $ 134.400 13 Purchase 280 units 24 Sale 280 units $ 156,800 27 Sale 70 units $ 44,800 30 Purchase 105 units $ 55,440 (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, e.g. 10.52 and final answers to O decimal places, e.g. 61,052.) Cost of goods sold $ I Gross margin $ Ending Inventory $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Arower 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