Current Attempt in Progress You are the vice president of finance of Kingbird Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2020. These schedules appear below. Sales ($5 per unit) $148,300 148,300 Cost of Goods Sold $124,674 130,902 Gross Margin $23,626 17,398 Schedule 1 Schedule 2 The computation of cost of goods sold in each schedule is based on the following data. Total Cost Units Beginning inventory, January 1 Purchase, January 10 Purchase, January 30 Purchase, February 11 Purchase, March 17 11,050 9,050 7,050 10,050 12,050 Cost per Unit $4.10 4.20 4.30 4.40 4.50 $45,305 38,010 30,315 44,220 54,225 Michelle Walker, 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. Walker 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. Kingbird Corporation Schedules of Cost of Goods Sold For the First Quarter Ended March 31, 2020 Schedule 1 First-in, First-out Schedule 2 Last-in, First-out $ $ $ Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at $ $ at $ $ Last-in, First-out (Schedule 2) at $ $ at $ $ e Textbook and Media