financial accounting chapter 5

Transcribed image text: Use the following to answer questions 717 During September, KC Company sells 3,910 watches for $270.00 each. The company has the following inventory purchase transactions for September: 7. S What were company's 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. First-out (FIFO) inventory valuation. 8. $ Calculate ending inventory (FIFO) 9. S 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)