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