Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory system. The following schedule relates to the companys inventory for the month of May:

						Cost		Sales
May 1		Beginning inventory		120 units		$72,000
5		Sale		80 units				$62,400
9		Purchase		40 units		$26,400
13		Purchase		160 units		$115,200
24		Sale		160 units				$134,400
27		Sale		40 units				$38,400
30		Purchase		60 units		$47,520

Calculate Saddlery Companys cost of goods sold, gross margin, and ending inventory using FIFO.