You are the vice president of finance of Martinez 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)		Cost of Goods Sold		Gross Margin
Schedule 1		$135,400		$121,656		$13,744
Schedule 2		135,400		127,980		7,420

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		10,700		$4.40		$47,080
Purchase, January 10		8,700		4.50		39,150
Purchase, January 30		6,700		4.60		30,820
Purchase, February 11		9,700		4.70		45,590
Purchase, March 17		11,700		4.80		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 explained to 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 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.

Martinez Corporation Schedules of Cost of Goods Sold For the First Quarter Ended March 31, 2017
		Schedule 1 First-in, First-out		Schedule 2 Last-in, First-out
Cost of Goods Available for SalePurchasesCost of Goods SoldBeginning InventoryEnding Inventory		$		$
AddLess : Cost of Goods Available for SalePurchasesCost of Goods SoldEnding InventoryBeginning Inventory
Cost of Goods SoldPurchasesEnding InventoryBeginning InventoryCost of Goods Available for Sale
AddLess : Cost of Goods SoldEnding InventoryPurchasesBeginning InventoryCost of Goods Available for Sale
Cost of Goods SoldCost of Goods Available for SaleBeginning InventoryPurchasesEnding Inventory		$		$

Schedules Computing Ending Inventory

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

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