Based on the following data, make a comparison between the use of the flow of inventory costs assumptions with the FIFO and LIFO methods and provide an overview of why

Based on the following data, make a comparison between the use of the flow of inventory costs assumptions with the FIFO and LIFO methods and provide an overview of why in the end LIFO should not be used. (on the image below) Transcribed Image Text: Schedule
Sales ($5 per unit)
СOGS
Gross Margin
$
Sch 1
$
$
200,000
$
128,500
71,500
Sch 2
200,000
$
125,000
$
75,000
Calculation COGS
Units
Cost per unit
Total Cost
Beginning Inventory, jan 1
Purchase, Jan 10
Purchase, Jan 30
12,000
$
3.00
$
36,000
9,000
$
3.20
$
28,800
9,000
$
3.25
$
29,250
Purchase, Feb 11
11,000
$
3.30
$
36,300
Purchase, March 17
12,000
$
3.40
$
40,800

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