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 $78,000 May 1 Beginning inventory Sale 5 $67,600 9 Purchase Purchase 120 units 80 units 40 units 160 units 160 units 40 units 60 units $28,600 $124,800 13 24 Sale $145,600 $41,600 27 Sale 30 Purchase $51,480 (al) Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $