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. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.)

Problem 5-8A (Algo) Periodic: Income comparisons and cost flows LO A1, P1 QP Corp. sold 5,310 units of its product at $46.90 per unit during the year and incurred operating expenses of $7.90 per unit in selling the units. It began the year with 790 units in inventory and made successive purchases of its product as follows. Jan. Feb. May Oct. Dec. 1 Beginning inventory 20 Purchase 16 Purchase 3 Purchase 11 Purchase 790 units @ $19.90 per unit 1,690 units @ $20.90 per unit 890 units @ $21.90 per unit 590 units @ $22.90 per unit 3,490 units @ $23.90 per unit 7,450 units 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. (Round your average cost per unit to 2 decimal 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 FIFO LIFO Weighted Average Sales 0 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 0 0 Net income $ 0