Salescost ofgross ( $5 per unit)goods soldmarginSchedule 1$150.00 $124.90 $25100

Salescost ofgross ( $5 per unit)goods soldmarginSchedule 1$150.00 $124.90 $25100.00 Schedule 2 15000012940020600The Computation of cost of goods sold in eachschedule is based on the followingdataCost TotalUnitsper unitCostBeginning Iinventory/ Jan/110000$400$40000 Purchase/ January/10800042033600Purchase/ January/30600042525500Purchase Frbuary/119000 43038700Purchase March/ 1711000 440 48400440004232$186200 439982. ( FIFo and LIFO Effect)You are vice president of finance of Sandy Alomar Corporation a retail Company that prepared two different schedules of gross margin dor the first quarter ended March31/2007 These Schedules Appear Below.SalesCost of Gross($5 per unit)Goods SoldMarginSchedule 1$150000 $124900 $25100 Schedule 215000012940020600THE Computations of cost of goods sold in each schedule is based on the following datacost per Totalunits unit CostBGN Inventory/ Jan/110000$ 400$40000 Purchase/ Jan/10800042033600Purchase /Jan/30600042525500Purchase/Feb/11900043038700Purchase/Maech/171100044048400Jane Torville the president of the corporation cannot understand how two different gross margins can be computed from the same set of data. As thevice-precident of finance you have explained to Ms Torville that two schedulesare based on different assumptions concerning the flow of inventory costsI e FIFO and LIFO. Schedules1 and 2 were not necessarily prepared in thissequence of cost flow assumptions.InstructionsPrepare two separate schedules computing cost of goods sold and supportingschedules showing the composition of the ending inventory under both cost flowassumptions.