Answer is not complete. QP CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO Weighted LIFO Average Sales $ 248,704 $ 248,704 248,704 Cost of goods sold: Beginning inventory, Jan. 1 14,356 14,356 14,356 Cost of purchases Cost of goods available for sale 14,356 14,356 14,356 Less Ending inventory. Dec. 31 Cost of goods sold 14.356 14,356 14,356 Gross profit 234,348 234,348 234,348 Operating expenses 39.664 39,664 39.664 Net income S 194.684 $ 194,684 194,684