7 QP Corporated sold 5,330 units of its product at $46.70 per unit during the year and incurred operating expenses of $7.70 per unit in selling the units. It began the year with 770 units in Inventory and made successive purchases of its product as follows. 3.58 January 1 Beginning inventory points February 20 Purchase May 16 Purchase October 3 December 11 Purchase Purchase Total eBook 770 units @ $19.70 per unit 1,670 units @ $20.70 per unit 870 units @ $21.70 per unit 570 units @ $22.70 per unit 3,470 units @$23.70 per unit 7,350 units Print References 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 CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 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 Gross profit Operating expenses Net income FIFO LIFO Weighted Average