You are the vice president of finance of Novak 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 Cost of Gross (55 per unit) Goods Sold Margin $155,700 $143,522 $12,178 155,700 149,694 6,006 Schedule 1 Schedule 2 The computation of cost of goods sold in each schedule is based on the following data. Cost Total Units per Unit Cost Beginning inventory, January 1 11,250 34.50 $50,625 Purchase, January 10 9.250 4.60 42.550 Purchase, January 30 7.250 4.70 34,075 Purchase. February 11 10,250 4.80 49,200 Durchase, March 17 12.250 4.90 60.025 Debra King, 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. King that the two schedules are based on different assumptions concerning the flow of inventory costs, Le 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 258umptions. Novak Corporation Schedules of Cost of Goods Sold For the first Quarter Ended March 12070 ment CALCUL For the First Quarter Ended March 31, 2020 Schedule 1 First-in, First-out Schedule 2 Last-in, First-out 50625 50625 Beginning Inventory Add Purchases Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at at Last-in, First-out (Schedule 2) at at