Use the following to answer questions 7 17

During September, the company sells 880 watches for $250.00 each. The company has the following inventory purchase transactions for September:

Date	Transaction	# of Units	Unit cost	Total Cost
1-Sep	Beginning Inventory	50	$170.00	$8,500
4-Sep	Purchase	600	$171.00	102,600
24-Sep	Purchase	250	$173.00	43,250
		900		$154,350

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)