Please show work, thank you.

You are the vice president of finance of Sheffield 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) $145,200 145,200 Cost of Goods Sold $124,970 131,082 Gross Margin $20,230 14,118 Schedule 1 Schedule 2 The computation of cost of goods sold in each schedule is based on the following data. Cost Total Cost Units per Unit $4.20 4.30 Beginning inventory, January 1 Purchase, January 10 Purchase, January 30 Purchase, February 11 Purchase, March 17 10,850 8,850 6,850 9,850 4.40 $45,570 38,055 30,140 44,325 54,510 4.50 11,850 4.60 Donna Clark, 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. Clark 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 Stoodarboth contactos Prepare two separate schedules computing cost of goods sold and supporting schedules showing the composition of the ending inventory under both cost flow assumptions. Sheffield 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 Beginning Inventory $ 45570 $ 45570 Add : Purchases 212600 212600 Cost of Goods Available for Sale 258170 258170 Less Ending Inventory 124970 131082 Cost of Goods Sold $ 133200 $ 245062 Schedules Computing Ending Inventory. First-in, First-out (Schedule 1) 6850 at $ 4.40 $ 30140 9850 at $ 4.50 44325 Cost of Goods Sold $ 133200 $ 245062 Schedules Computing Ending Inventory First-in, First-out (Schedule 1) 6850 at $ 4.40 $ 30140 9850 at $ 4.50 44325 16700 $ 74465 Last-in, First-out (Schedule 2) 10850 at $ 4.20 $ 45570 8850 at $ 4.30 38055 19700 $ 83625