/1 EE Current Attempt in Progress You are the vice president of finance of Wildhorse Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2025. These schedules appear below. Sales ($5 per unit) Cost of Gross Goods Sold Margin Schedule 1 $145,400 $128,028 $17,372 Schedule 2 145,400 134,192 11,208 The computation of cost of goods sold in each schedule is based on the following data. Cost Total Units per Unit Cost Beginning inventory, January 1 10,900 $4.30 $46,870 Purchase, January 10 8,900 4.40 39,160 Purchase, January 30 6,900 4.50 31,050 Purchase, February 11 9,900 4.60 45,540 Purchase, March 17 11,900 4.70 55,930 Carol Garcia, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Garcia that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions. Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions. (Enter cost per unit to 2 decimal places, e. g. 5,125.) Question 4 of 4 < > -/1 E Carol Garcia, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Garcia that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not necessarily prepared in this sequence of cost flow assumptions. Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions. (Enter cost per unit to 2 decimal places, e. g. 5,125.) Wildhorse Corporation Schedules of Cost of Goods Sold For the First Quarter Ended March 31, 2025 Schedule 1 First-in, First-out Schedule 2 Last-in, First-out Schedules Computing Ending Inventory $ Question 4 of 4 Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at $ at $ Last-in, First-out (Schedule 2) at $ at $ /1 E