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Saddlery Company sells leather saddles and equipment for horse enthusiasts

Accounting

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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:

Calculate Saddlery Company’s cost of goods sold, gross margin, and ending inventory using FIFO.

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

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