Comparison of Inventory Costing Methods-Periodic System Bitten Company's inventory records show 595 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October: Date October 4 October 8 October 9 October 18 October 20 October 29 Required: Unit Purchases 794 @ $5.39 695 @ $5.85 FIFO LIFO Unit Sales 507 @ $12.00 702 @ $12.00 805 @ $5.98 All expenses other than cost of goods sold amount to $3,027 for the month. The company uses an estimated tax rate of 30% to accrue monthly income taxes. 791 @ $13.00 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 $ $

Comparison of Inventory Costing Methods-Periodic System Bitten Company's inventory records show 595 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October: All expenses other than cost of goods sold amount to $3,027 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 doliar. 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. 4. Will the company pay more or less tax if it uses FIFO rather than LIFO? How much more or less