You are the vice president of finance of Kingbird Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March $31,2020.$ These

schedules appear below.

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

Michelle Walker, 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$.$ Walker 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.