You are the vice president of finance of Marigold Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2017. These schedules appear below. Sales ($5 per unit) $145,400 145,400 Cost of Goods Sold $131,056 136,980 Gross Margin $14,344 8 ,420 Schedule 1 Schedule 2 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 10,700 8,700 6,700 9,700 11,700 Cost per Unit $4.40 4.50 4.60 4.70 4.80 Total Cost $47,080 39,150 30,820 45,590 56,160 Jane Torville, 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 explain Ms. Torville 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 seque 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. Marigold Corporation Schedules of Cost of Goods Sold For the First Quarter Ended March 31, 2017 Schedule 1 Schedule 2 First-in, First-out Last-in, First-out Schedules Computing Ending Inventory First-in, First-out (Schedule 1) Last-in, First-out (Schedule 2)