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You are the vice president of finance of Sunland Corporation, a retail company that prepared two different schedules of gross margin for the first quarter

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You are the vice president of finance of Sunland Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2025. These schedules appear below. The computation of cost of goods sold in each schedule is based on the following data. Karen White, the president of the corporation, cannot understand how two differeat gross margins can be computed from the same set of data. As the vice president of finance, vou have explained to Ms. White that the two schedules are based on different sequence of cont flow asumptions. Prepare two separate schedules computins cost of coods sold and supporting schedules shawing the composition of the ending inventory under both cost flow assumptions. (Enter cost per unit to 2 decimal places, 2 , 5,125 ) Last-in. First-out (Schedule 2) at s 5 at s 17000 $ Schedules Cemputing Ending Imentory

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