Comparison of Inventory Costing MethodsPeriodic System Bitten Companys inventory records show 600 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 4 500 @ $10.00 October 8 800 @ $5.40 October 9 700 @ $10.00 October 18 700 @ $5.76 October 20 800 @ $11.00 October 29 800 @ $5.90 All expenses other than cost of goods sold amount to $3,000 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 Inventory System Cost of Goods Sold Ending Inventory Total Weighted average $ $ $ 16,072 FIFO 10,776 5,296 16,072 LIFO 16,072 Feedback