You are the vice president of finance of Crane 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		$159,900		$135,482		$24,418
Schedule 2		159,900		140,046		19,854

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		10,050		$4.10		$41,205
Purchase, January 10		8,050		4.20		33,810
Purchase, January 30		6,050		4.30		26,015
Purchase, February 11		9,050		4.40		39,820
Purchase, March 17		11,050		4.50		49,725

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.

Crane 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
Beginning InventoryEnding InventoryPurchasesCost of Goods Available for SaleCost of Goods Sold		$		$
AddLess : Cost of Goods Available for SaleBeginning InventoryPurchasesCost of Goods SoldEnding Inventory
Ending InventoryPurchasesCost of Goods SoldBeginning InventoryCost of Goods Available for Sale
AddLess : Cost of Goods Available for SaleEnding InventoryPurchasesCost of Goods SoldBeginning Inventory
Cost of Goods Available for SalePurchasesEnding InventoryBeginning InventoryCost of Goods Sold		$		$

Schedules Computing Ending Inventory

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

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