Current Attempt in Progress You are the vice president of finance of Skysong 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 (55 per unit Gross Margin Schedule 1 $135.400 Cost of Goods Sold $113.772 119616 $21.628 Schedule 2 135.400 15.784 The computation of cost of goods sold in each schedule is based on the following data Cost per Unit Total Cost Units Beginning inventory Lary 1 10.360 $42230 Purchase ay 10 3.300 20 34 Purchase any 30 270 300 300 Purch February 11 920 Purchive March 17 11300 Jennifer Davis, 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. Davis that the two schedules are based on different assumptions concerning the flow of inventory costs, ie, 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 Skysong 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 S $ 5 Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at at $ $ Last-in, First-out (Schedule 2) at $ at $ e Textbook and Media Solution