You are the vice president of finance of Blue 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)		Cost of Goods Sold		Gross Margin
Schedule 1		$151,500		$130,490		$21,010
Schedule 2		151,500		136,650		14,850

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

		Units		Cost per Unit		Total Cost
Beginning inventory, January 1		11,100		$4.20		$46,620
Purchase, January 10		9,100		4.30		39,130
Purchase, January 30		7,100		4.40		31,240
Purchase, February 11		10,100		4.50		45,450
Purchase, March 17		12,100		4.60		55,660

Laura Hall, 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. Hall 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.

Blue 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
Cost of Goods SoldEnding InventoryPurchasesBeginning InventoryCost of Goods Available for Sale		$		$
AddLess: Beginning InventoryCost of Goods Available for SalePurchasesEnding InventoryCost of Goods Sold
PurchasesCost of Goods SoldBeginning InventoryCost of Goods Available for SaleEnding Inventory
AddLess: Cost of Goods Available for SaleBeginning InventoryEnding InventoryCost of Goods SoldPurchases
Cost of Goods SoldCost of Goods Available for SaleEnding InventoryBeginning InventoryPurchases		$		$

Schedules Computing Ending Inventory

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

Last-in, First-out (Schedule 2)
	at	$	=	$
	at	$	=
				$