You are the vice president of finance of Marigold Corporation, a retail company that prepared two different schedules of gross margin for the first fiscal quarter ended July 31, 2017. These schedules appear below. Sales ($15 per unit) $541,500 541,500 Cost of Goods Sold $221,285 227,765 Gross Margin $320,215 313,735 Schedule 1 Schedule 2 The computation of cost of goods sold in each schedule is based on the following data. Beginning inventory, May 1 Purchase, May 2 Purchase, June 5 Purchase, June 18 Purchase, July 7 Units 10,100 12,100 15,100 3,100 8,100 Cost per Unit $6.00 6.10 6.25 6.50 Total Cost $60,600 73,810 94,375 20,150 53,460 6.60 Barbara Jones, 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. Jones 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 (assume periodic system). 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) at at Last-in, First-out (Schedule 2) at = at $ $