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.

File Edit View History Bookmarks People Window Hel Blackboard Learn Secure https mTisReg. true&returnur-https%3A%2F%2F Help Save& Exit Subn CHAPTER6 HOMEWORK Check my work 5 Problem 6-8AA Periodic: Income comparisons and cost flows LO A1, P3 15 points QP Corp. sold 5,300 units of its product at $4700 per unit in year 2017 and incurred operating expenses of $8.00 per unit in selling the units. it began the year with 800 units in Inventory and made successive purchases of its product as follows an Begianing inventory Teb. 20 Purchase ay 16 Furehase Oct. 3 Parehase 800 units 820.00 per unit 1,700 unite 821.00 per unit 900 unitea $22.00 per unit 600 units $23.00D per uniE 3500 uita 824.00 per unie Total ,500 unite Required References 1. Prepare comparative income statements for the three inventory costing methods of FIFO, LIFO, and weighted average which includes a detaled cost of goods sold section as part of each statement. The company uses a periodie inventory system, and its income tax rate is 40% (Round your average cost per unit to 2 decimal places.) Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31, 2017 FIFO LIFO Weightd Sales Cost of goods sold: Inventory, Dec 31,2016 Cost of purchases Cost of goods available for sale Less Inventory, Dec. 31, 2017 Cost of goods sold Oross prof Prev of7 Next