You are the vice president of finance of Benita Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2020. These schedules appear below Schedule 1 Schedule 2 Sales ($5 per unit) $140,500 140,500 Cost of Gross Goods Sold Margin $126,600 $13,900 132,420 8,080 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 10,450 8.450 6,450 9,450 11,450 Cost per Unit $4.40 4.50 4.60 4.70 Total Cost $45,980 38,025 29.670 44,415 54,960 4.80 Margaret Meere, the president of the corporation cannot understand how two different gress margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Moore that the two schedules are based on different assumptions concerning the fion of inventory costs, i.e., FIFO and LIFO. Schedules L 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 Bonita 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 Inc. All Rights Reser RCES ter Bonita 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 Beginninventory 45,980 45,980 purchases 35800 35800 140 or Goods Arabie For Sale dy 10180 10180 enten Sala Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at x Last-in First-out (Schedule 2) at VACY POLICY PURO 2020 Dito na Sansuinc unment CALCL Cost of Goods Sold Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at Last-in, First-out (Schedule 2 at LINK YO TEXT Question Attempts