Comparison of Inventory Costing Methods-Periodic System Bitten Company's inventory records show 602 units on hand on October 1 with a unit cost of 55 ch. The following transactions curred during the month of October Date Unit Purchases Unit Sales October 494 $11.00 October 793 $5.46 October 70451100 October 10 70455.72 October 20 795 512.00 October 20 101 55.00 All expenser than cost of goods sold amount to $2,994 for the month. The company was an estimated tax rate of tot monthly income Required: 1. Preporuchort comparing cost of goods sold and ending inventory wing the periodic system and the following coating methods. In your cakuntons round weighted avere vit cout to three deomal 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 UFO 8 2. What does the Total column represent TU LIFO 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? Check My Work 3 more Check My Work uses remaining Assignment Score: 0.0% All work saved