Youare the vice president of finance of Metlock 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. Dorothy Taylor, 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. Taylor 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 Schedules Computing Ending Inventory. First-in, First-out (Schedule 1) Last-in, First-out (Schedule 2)