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 Beginning inventory 120 units $48,000 May 1 5 Sale 80 units $41,600 9 Purchase $ 17,600 40 units 160 units 13 Purchase $ 76,800 24 Sale 160 units $89,600 27 Sale 40 units $ 25,600 30 Purchase 60 units $31,680 (1) Calculate Saddlery Company's cost of goods sold, gross margin, and ending Inventory using FIFO, Cost of goods sold $ Gross margin $ Ending Inventory