PRINIER VERSIUN DALA 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 $66,000 $57,200 May 1 5 9 13 24 27 30 Beginning inventory Sale Purchase Purchase Sale Sale Purchase 120 units 80 units 40 units 160 units 160 units 40 units 60 units $24,200 $105,600 $123,200 $35,200 $43,560 (al) Calculate Saddlery Company's cost of goods sold, gross margin, and ending inventory using FIFO. Cost of goods sold Gross margin Ending Inventory