Mary Smith, the president of the corporation, cannot understand how two different gross margins can...
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Accounting
Mary Smith, 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. Smith that the two schedules are based on different assumptions concerning the flow of imventory costs. i.e. FIFO and LFO. Schedules 1 and 2 were not necessarily prepared in this sepuence of cost flow assumptions. Prepare two separate schedules computing cost of goods sold and supporting schedulos showing the composition of the ending inventory under both cost flow assumptions. (Enter cost per unit to 2 decimol places, e$.5,125 ) You are the vice president of finance of Crane Corporation, a retail compony that prepared two difterent schedules of gross margin for the first quarter ended March 31, 2025. These schedules appear below. The computation of cost of goods sold in exch schedule is based on the followirz data Schedules Computing Ending Imventory. eTextbook and Media Save for Later Attempts: 0 of 5 used
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