Use the following to answer questions 7-17 During September, KM Company sells 9,800 watches for $300.00 each. The company has the following inventory purchase transactions for September: 7. 5 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. 5 Calculate gross profit (FIFO) For questions 11 - 13 assume the company uses Last-in, First-out (LFF) 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)