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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

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 90 units $49,500
5 Sale 60 units $42,900
9 Purchase 30 units $18,150
13 Purchase 120 units $79,200
24 Sale 120 units $92,400
27 Sale 30 units $26,400
30 Purchase 45 units $32,670

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

Cost of goods sold $
Gross margin $
Ending Inventory $

Calculate Saddlery Companys 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 $

Which cost formula produced the higher gross margin? (Round answers to 2 decimal places, e.g. 61.05%.)

Gross Margin Ratio
FIFO %
Weighted-average %

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