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: Cost Sales May 1 $54,000 Beginning inventory Sale 5 $46,800 9 Purchase Purchase Sale 13 90 units 60 units 30 units 120 units 120 units 30 units 45 units $19.800 $86,400 24 $100,800 $28.800 27 30 Sale Purchase $35,640 (21) (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, eg. 10.52 and final answers to 0 decimal places, eg. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ (b) 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. e Textbook and Media Save for Later Attempts: 0 of 3 used Submit