QP Corp. sold 5,450 units of Its product at $45.50 per unit during the year and Incurred operating expenses of $6.50 pe unit In selling the units. It began the year with 650 units In Inventory and...

Extracted text: QP Corp. sold 5,450 units of Its product at $45.50 per unit during the year and Incurred operating expenses of $6.50 pe unit In selling the units. It began the year with 650 units In Inventory and made successive purchases of Its product as follows. 1 Beginning inventory 20 Purchase 650 units @ $18.50 per unit 1,550 units @ $19.50 per unit 750 units e $20.50 per unit 450 units e $21.50 per unit 3,350 units @ $22.50 per unit Jan. Feb. 16 Purchase May oct. 3 Purchase 11 Purchase Dec. Total 6,750 units Required: 1. Prepare comparative 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 perlodic inventory system, and Its Income tax rate is 40%. (Round your average cost per unlt to 2 declmal places and round your final answers to nearest whole dollar amount.) QP CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 Weighted Average FIFO LIFO Sales Cost of goods sold: Beginning inventory, Jan. 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, Dec. 31 Cost of goods sold Gross profit Operating expenses Income before taxes Income taxes expense Net income