During September, KM Company sells 9,800 watches for $300.00 each. The company has the following inventory purchase transactions for September:

Date	Transaction	# of Units	Unit cost	Total Cost
1-Sep	Beginning Inventory	300	$195.00	$58,500
4-Sep	Purchase	6,000	$198.00	1,188,000
24-Sep	Purchase	3,700	$200.00	740,000
		10,000		$1,986,500

7. $____________What were companys sales for the period?

For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation.

8. $_____________Calculate ending inventory (FIFO)

9. $_____________Calculate cost of goods sold (FIFO)

10. $_____________ Calculate gross profit (FIFO)

For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation.

11. $_____________Calculate ending inventory (LIFO)

12. $_____________Calculate cost of goods sold (LIFO)

13. $_____________ Calculate gross profit (LIFO)

For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation.

14. $_____________Calculate ending inventory (WA)

15. $_____________Calculate cost of goods sold (WA)

16. $_____________Calculate gross profit (WA)

17. Based on the above, which method would show a larger net income number? (FIFO, LIFO or WA)