You are the vice president of finance of Tamarisk Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2017. These schedules appear below SalesCost of Gross ($5 per unit) Goods Sold Margin Schedule 1 $149,800 $135,492 $14,308 Schedule 2 149,800 140,6409,160 The computation of cost of goods sold in each schedule is based on the following data. Cost Units per Unit Cost Total $4.40 8,2004.50 36,900 6,2004.60 28,520 9,2004.70 43,240 11,200 4.80 53,760 $44,880 Beginning inventory, January 1 Purchase, January 10 Purchase, January 30 Purchase, February 11 Purchase, March 17 10,200 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. Tamarisk Corporation Schedules of Cost of Goods Sold For the First Quarter Ended March 31,2017 Schedule1 First-in, First-out Schedule 2 Last-in, First-out Schedules Computing Ending Inventory First-in, First-out (Schedule 1) at $ at Last-in, First-out (Schedule 2) at $ at