You are the vice president of finance of Windsor 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.

Susan Wilson, 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$.$ Wilson 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. $($Enter cost per unit to $2$ decimal places, e$.$ g$.5,125.)$

Windsor Corporation

Schedules of Cost of Goods Sold

For the First Quarter Ended March $31,2025$

For the First Quarter Ended March $31,2025$

Schedule $1$

First$-$in$,$ First$-$out

Beginning Imventory

Beginning Imventory

Purchases

Cost of Goods Avallable for Sale

Cost of Goods Avallable for Sale

Cost of Goods Sold

Schedules Computing Ending Inventory.