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 $73,500 5 $63,700 9 Beginning inventory Sale Purchase Purchase Sale 210 units 140 units 70 units 280 units 280 units $26,950 $117,600 13 24 $137,200 $39,200 27 Sale 70 units 105 units 30 Purchase $48,510 Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ Ending Inventory $ e Textbook and Media 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 Question Part Score --/4 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