Bitten company\'s inventory records show 600 units on hand on October 1 with a u

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Bitten company's inventory records show 600 units on hand on October 1 with a unit cost of $5 each; $3,000 October 4 ..... Unit Sales of 500 @ $10.00 October 8 ..... Unit Purchases of 800 @ $5.40; $4,320 October 9 ....... Unit Sales of 700 @ $10.00 October 18 ...... Unit Purchases of 700 @ $5.76; $4,032 October 20 ...... Unit Sales of 800 @ $11.00 October 29 ...... Unit Purchases of 800 @ $5.90; $4,720 Total available for sale 2,900 units at total of $16,072, ave. cost $5.54 Sold 2,000 units Ending inventory 900 units Required: Weighted Average: COGS $16,072 - $4,986 = $11,086 Ending Inv. 900 x $5.54 = $4,986 Total $16,072 FIFO: COGS $16,072 - $5,296 = $10,776 Ending Inv. 800 @ $5.90 plus 100 @ $5.76 = $5,296 Total $16,072 LIFO: COGS $16,072 - $4,620 = $11,452 Ending Inv. 600 x $5 plus 300 @ $5.40 = $4,620 Total $16,072 *Prepare income statements for each of the three 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.

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