The computation of cost of goods sold in each schedule is based on the following data:

Mary Smith, 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$.$ Smith 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 $($assume periodic system$).$

CRANE CORPORATION

Schedules of Cost of Goods Sold

For the Year Ended July $31,2025$

Schedules Computing Ending Inventory $($Enter per unit costs to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$

First$-$in$,$ First$-$out $($Schedule $1)$

at $

$=$$

at $

$=$