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 5 Beginning inventory Sale $72,000 $62,400 9 Purchase 120 units 80 units 40 units 160 units 160 units 40 units $26,400 $115,200 13 Purchase 24 Sale $134,400 $38,400 27 Sale Purchase 30 60 units $47,520 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ 184800 Gross margin $ 50400 Ending Inventory $ 76320 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 O decimal places, e.g. 61,052.) Cost of goods sold $ Gross margin Ending Inventory $ e Textbook and Media Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.) Gross Margin Ratio FIFO % Weighted-average %