View Policies Current Attempt in Progress You are the vice president of finance of Nash Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2022. These schedules appear below. Sales ($5 per unit) Cost of Goods Sold Gross Margin Schedule 1 $123,000 $102.418 $20,582) Schedule 2 123,000 106,272 16,728 The computation of cost of goods sold in each schedule is based on the following data Units Cost per Unit Total Cost Beginning inventory, January 1 8.200 $4.00 $32,800 Purchase, January 10 6,560 4.20 27,552 Purchase, January 30 4.920 425 20,910 Purchase, February 11 7.380 4.30 31,734 Purchase, March 17 9,840 4.40 43.296 Patricia Johnson, the president of the company, 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. Johnson that the two schedules are based on different assumptions concerning the flow of inventory costs, le. FIFO and LIFO Schwilac