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Chapter 7 Inventory Practice Problem Watkins Corporation began operations on January 1,2022....

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Accounting

Chapter 7 Inventory Practice Problem
Watkins Corporation began operations on January 1,2022. The 2022 and 2023 schedules of inventory purchases and sales are as follows:
2022:
Purchase 110 units at $10 per unit $100
Purchase 220 units at $12 per unit $240
Total Purchase Costs $340
Sales 15 units at $30 per unit $450
2023:
Purchase 110 units at $13 per unit $130
Purchase 215 units at $15 per unit $225
Total Purchase Costs $355
Sales 20 units at $35 per unit $700
For both 2022 and 2023 compute:
FIFO LIFO Weighted Average
COGS
Gross Profit
Ending Inventory

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