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 May 1 Beginning inventory 120 units $66,000 5 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 (a1) Your answer is incorrect. Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold $ Gross margin $ $ Ending Inventory $ GA e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Answer (a2) 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 decimal places, e.g. 61,052.) Cost of goods sold $ Gross margin $ Ending Inventory $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) 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. e Textbook and Media