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

Susan Wilson, 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$.$ Wilson 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. $($Enter cost per unit to $2$ decimal places, e$.$ g$.5,125.)$

Schedules Computing Ending Inventory

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

at $

$=$$

at $

$|=$