Saddlery Company sells leather saddles and equipment for horse enthusiasts. Saddlery uses the periodic inventory system. The following schedule relates to the company's inventory for the month of May: Cost Sales May 1 Beginning inventory 120 units $78,000 5 Sale 80 units $67,600 9 Purchase 40 units $28,600 13 Purchase 160 units $124,800 24 Sale 160 units $145.600 27 Sale 40 units $41,600 30 Purchase 60 units $51,480 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 2 decimal places, e.g. 610.52.) 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 % produces the higher gross margin