Check my work 3 QP Corp. sold 5.440 units of its product at $45.60 per unit in year 2017 and incurred operating expenses of $6.60 per unit in selling the units. It began the year with 660 units in inventory and made successive purchases of its product as follows. 3.34 olnts Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 660 units @ $18.60 per unit 1,560 units @ $19.60 per unit 760 units @ $20.60 per unit 460 units @ $21.60 per unit 3,360 units @ $22.60 per unit 6,800 units eBook Print Required: 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. The company uses a periodic inventory system, and its income tax rate is 30%. (Round your average cost per unit to 2 decimal places.) References QP CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31, 2017 FIFO LIFO Weighted Average Sales $ 248,064 $ 248,064 $ 248,064 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 Gross profit 248,064 248,064 248,064 Operating expenses Income before taxes 248,064 248,064 248,064 Income taxes expense Net income $ 248,064 $ 248,064 $ 248,064