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		120 units		$42,000
5		Sale		80 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

(a1) Calculate Saddlery Companys cost of goods sold, gross margin, and ending inventory using FIFO