QP Corporated sold 5,420 units of its product at $45.80 per unit during the year and incurred operating expenses of $6.80 per unit in selling the units. It began the year with 680 units in inventory and made successive purchases of its product as follows. January 1 February 20 May 16 October 3 December 11 Beginning inventory Purchase Purchase Purchase Purchase Total Required: 1. Prepare comparative year-end income statements for the three inventory costing methods of FIFO, LIFO, and weighted average which includes a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system. Note: Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO Sales Cost of goods sold: Beginning inventory, January 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, December 31 Cost of goods sold 680 units@ $18.80 per unit 1,580 units@ $19.80 per unit 780 units@ $20.80 per unit 480 units@ $21.80 per unit 3,380 units @ $22.80 per unit 6,900 units Gross profit Operating expenses Net income $ 0 0 0 0 $ LIFO 0 0 0 Weighted Average 0 $ 0 0 0 0

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