Watkins Corporation began operations on January 1, 2013. The 2013 and 2014 schedules of inventory purchases and sales are as follows:

Complete the following schedule, and briefly discuss the trade-offs associated with choosing an inventory cost flowassumption.

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2013 Cost of goods sold Gross profit (Sales cOGs) Ending inventory 2014 Cost of goods sold Gross profit (Sales-COGS) Ending inventory FIFO Weighted Average LIFO FIFO Weighted Average LIFO