8 12 QP Corporated sold 5,310 units of its product at $46.90 per unit during the year and incurred operating expenses of $790 per unit in telling the units. It began the year with 790 units in Inventory and made successive purchases of its product as follows January 1 The inventory 790 units 309.90 per unit 30 Punching 1.0 units $20.00 per unit May 16 Purchase units $21.90 per mit October Purchase units $22.99 per unit December 11 harchase 1,49 its 12.00 per unit Total 7,450 Required 1. Prepare comparative year end income statements for the three inventory costing methods of FIFO UFO, and weighted average which includes a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory systemi (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) 8 October December 11 Purchase Purchase Total 590 units $22.90 per unit 3,490 units $23.90 per unit 7,450 units 12 points 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.) P QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average Sales Cost of goods sold segning for January Cost of purchase Cost of goods wille for 0 D 0 Less Ending for December 31 Cost of goods sold 0 0 0 Giss DM 0 0 Operating expenses Netcome 5 05 05 0 0