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

						Cost		Sales
May 1		Beginning inventory		120 units		$66,000
5		Sale		80 units				$57,200
9		Purchase		40 units		$24,200
13		Purchase		160 units		$105,600
24		Sale		160 units				$123,200
27		Sale		40 units				$35,200
30		Purchase		60 units		$43,560

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 0 decimal places, e.g. 61,052.)

Cost of goods sold		$Enter a dollar amount rounded to 0 decimal places.
Gross margin		$Enter a dollar amount rounded to 0 decimal places.
Ending Inventory		$Enter a dollar amount rounded to 0 decimal places.

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

		Gross Margin Ratio
FIFO		Enter percentages rounded to 2 decimal places. %
Weighted-average		Enter percentages rounded to 2 decimal places. %