Exercise 8-16 You are the vice president of finance of Sunland Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2017. These schedules appear belovw Sales Cost of Gross ($5 per unit) Goods Sold Margin $157,200 $132,806 $24,394 138,078 19,122 Schedule 1 Schedule 2 157,200 The computation of cost of goods sold in each schedule is based on the following data Cost Units per Unit Cost Total 10,550 8,550 6,550 9,550 11,550 $4.10 $43,255 4.20 35,910 4.30 28,165 4.40 42,020 4.50 51,975 Beginning inventory, January1 Purchase, January 10 Purchase, January 30 Purchase, February 11 Purchase, March 17 Dane Torville, 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. Torille 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