Comparison of Inventory Casting Methods-Periodic System Bitten Company's inventory records show 606 units on hand on October I with a unit cost of $5 each. The following transactions occurred during the month of October Date Unit Purchases Unit Sales October 4 496 $12.00 October 8 799 $5.39 October 9 710 $12.00 October 18 696 $5.67 October 20 805 $13.00 October 29 300 $5.98 All expenses other than cost of goods sold amount to $2,950 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes Required: 1. Prepare a chart comparing cost of goods sold and ending inventory using the periodic system and the following costing methods. In your calculation round weighted average unit cost to three decimal places and round all other calculations and your final answers to the nearest dollar Bitten Company Comparison for Cost of Goods Sold and Ending Inventory Using the Periodic System For Weighted Average, FIFO and LIFO Cost Methods Inventory System Cost of Goods Sold Ending Inventory Total Weighted average FIFO LIFO 2. What does the Total column represent? 2. What does the Total column represent? 3. Prepare Income statements for each of the three methods. When required, round your answers to the nearest dollar. Bitten Company Income Statement For the Month of October Weighted Average FIFO LIFO 4. Will the company pay more or less tax if it uses FIFO rather than LIFO? How much more or less