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please help answer the red boxes(incorrect answers) You are the vice president of finance of Blossom Corporation, a retail company that prepared two different schedules

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You are the vice president of finance of Blossom 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 Cost of Gross ($5 per unit) Goods Sold Margin Schedule 1 $151,400 $133,398 $18,002 Schedule 2 151.400 139,622 11.778 The computation of cost of goods sold in each schedule is based on the following data Beginning inventory, January 1 Purchase, January 10 Purchase. January 30 Purchase, February 11 Purchase, March 17 Units 11,150 9.150 7,150 10,150 12.150 Cost per Unit $4.30 4.40 4.50 4.60 4.70 Total Cost $47.945 40.260 32.175 46,690 57,105 Sarah Allen, 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. Allen 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 set of data. As the vice president of finance, you nave explained to Ms. Allen 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. Blossom Corporation Schedules of Cost of Goods Sold For the First Quarter Ended March 31, 2020 Schedule 1 Schedule 2 First-in, First-out Last-in. First-out Beginning Inventory 47.945 42.945 Purchases Add : 176230 176.230 224,175 224 175 Cost of Goods Available for Sale 90.777 84.553 Ending Inventory 133 398 139.622 Cost of Goods Sold Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at $ 4.40 7,940 GA 34,936 12,150 at $ 4.50 54,675 20.040 89,611 Last-in, First-out (Schedule 2) 8,940 at $ 4.10 $ 36,654 11,150 at $ 4.20 46,830 20,040 $ 83,484

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