You are the vice president of finance of Concord 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) $159,800 159,800 Cost of Goods Sold $ 148,058 152.866 Gross Margin $11.742 6.934 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 10,250 8.250 6,250 9,250 11.250 Cost per Unit $4.50 4.60 4.70 4.80 4.90 Total Cost $46,125 37.950 29,375 44,400 55,125 Elizabeth Brown, 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. Brown 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. -12 iii Concord 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 $ w $ Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at $ at $ $ Last-in, First-out (Schedule 2) at $ $ Type here to search $ Schedules Computing Ending Inventory. First-in, First-out (Schedule 1) at $ $ at $ $ Last-in, First-out (Schedule 2) at $ $ at $ $ e Textbook and Media Attempts: 0 of 5 used Save for Later Last saved 1 hour ago. Saved work will be auto-submitted on the due date. Submit