calculate cullumbers gross margin $\%,$ using

i$.$ FIFO

ii$.$ Weighted average

round to $2$ decimal places

Cullumber Company sells leather saddles and equipment for horse enthusiasts. Cullumber uses the perpetual inventory system. The following schedule relates to the companVs inventory for the month of May: May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 210 units 140 units 70 units 280 units 280 units 70 units 105 units Cost $136,500 $50,050 $218,400 $90,090 Sales $118,300 $254,800 $72,800