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 1 180 units $117,000 Beginning inventory Sale 5 $101,400 9 Purchase 120 units 60 units 240 units 240 units $42,900 $187,200 13 Purchase 24 Sale Sale $218,400 $62,400 27 60 units 30 Purchase 90 units $77,220 Your answer is partially correct. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ 300300 Gross margin $ 81900 Ending Inventory $ 128700 e Textbook and Media Your answer is incorrect. 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 $ Gross margin $ Ending Inventory $ e Textbook 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 21.4 % Weighted average 18.2 % FIFO produces the higher gross margin