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 $97,500 May 1 Beginning inventory 150 units Sale 100 units 5 $84,500 9 Purchase 50 units $35.750 13 Purchase 200 units $156,000 24 Sale 200 units $182,000 27 Sale 50 units $52,000 30 Purchase 75 units $64,350 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 Question Part Score 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 finel answers to 0 decimal places, e-g. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ 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, e3. 10.52 and finel answers to O decimal places, e.g. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ e Textbook and Media Question Part Score Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e s. 61.05%.) Gross Margin Ratio FIFO Weighted average produces the higher gross margin