Question: 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

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 companys inventory for the month of May:
Cost Sales
May 1 Beginning inventory 120 units $42,000
5 Sale 80 units $36,400
9 Purchase 40 units $15,400
13 Purchase 160 units $67,200
24 Sale 160 units $78,400
27 Sale 40 units $22,400
30 Purchase 60 units $27,720

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

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