eBook Comparison of Inventory Costing Methods-Periodic System Bitten Company's 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 4 505 @ $12.00 October 8 796 @ $5.40 October 9 693 @ $12.00 October 18 698 @ $5.75 October 20 799 @ $13.00 806 @ $5.89 < October 29 All expenses other than cost of goods sold amount to $3,050 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 Wainhted avorano Total Nevt 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 $ FIFO LIFO < 2. What does the Total column represent? Cost of goods available for sale 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 $ Check My Work 3 more Check My Work uses remaining. Previous Next > /takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false < 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?