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 210 units $84,000 May 1 5 Beginning inventory Sale $72,800 9 Purchase $30,800 $134,400 13 Purchase 140 units 70 units 280 units 280 units 70 units 105 units 24 Sale $156,800 $44,800 27 Sale 30 Purchase $55,440 X Your answer is incorrect. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ 249200 Gross margin $ 25200 Ending Inventory ta 879040 e Textbook and Media Assistance Use 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 0 decimal places, e.g. 61,052.) Cost of goods sold $ 224474 Gross margin $ 49926 Ending Inventory ta 80169 eTextbook and Media Your answer is partially correct. Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO 9.18 % Weighted average 18.19 % FIFO produces the higher gross margin. e Textbook and Media