Application Problem 7-3B a1-a2, b (Part Level Submission) 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: Sales Cost $90,000 $78,000 May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 150 units 100 units 50 units 200 units 200 units 50 units 75 units $33,000 $144,000 $168,000 $48,000 $59,400 (a1) Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods solde Gross margin Ending Inventory