Comparison of Inventory Costing Methods-Periodic System Bitten Company's inventory records show 593 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October: Date Unit Purchases Unit Sales October 4 505 $10.00 October 8 October 9 795 $5.46 693 $10.00 October 18 707 $5.87 799 $11.00 794 $5.86 October 20 October 29 All expenses other than cost of goods sold amount to $2,968 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 calculations 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 Cost of Goods Sold Ending Inventory Total Inventory System Weighted average 9.462 X 6047 X 16109 FIFO 9.120 X 6.989 X 16.100 LIFO 9.873 X 6,236 X 16109 Feedback Check My W Review the differences in inventory costing methods using the periodic system The first step in any of the methods should be to calculate the cost of the inventory on hand and purchased. How would you determine the number of units of Inventory still on band at the end of the month? Check My Work Previous