Inventory Class Handout Inventory Cost Flow Assumptions Watkins Corporation began operations on January 1, 2018. The 2018 and 2019 schedules of inventory purchases and sales are as follows: 2018 Purchase1 Purchase2 Total Purchase Costs 10 Units @ $10 20 Units @ $12 per unit $100 $240 $340 Sales 15 Units @ $30 per unit $450 2019 $130 Purchase1 Purchase2 Total Purchase Costs 10 Units @ $13 per unit 15 Units @ $15 per unit WN $355 Sales 20 Units @ $35 per unit $700 Complete the following schedule and briefly discuss the trade-offs associated with choosing an inventory cost flow assumptions. FIFO Weighted Average LIFO 2018 COGS Gross Profit (Sales -COGS) Ending Inventory FIFOV Weighted Average 2019 COGS Gross Profit (Sales - COGS Ending Inventory