Check my work QP Corp. sold 5,500 units of its product at $45.00 per unit during the year and incurred operating expenses of $6.00 per unit in selling the units. It began the year with 600 units in inventory and made successive purchases of its product as follows. Jan. Feb. May Oct. Dec. 1 Beginning inventory 20 Purchase 16 Purchase 3 Purchase 11 Purchase Total 600 units @ $18.00 per unit 1,500 units @ $19.00 per unit 700 units @ $20.00 per unit 400 units @ $21.00 per unit 3,300 units @ $22.00 per unit 6,500 units 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 and round your final answers to nearest whole dollar amount.) QP CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 2:17 search e Q QP CORP: Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 Weighted FIFO LIFO Average Sales Cost of goods sold: Beginning inventory, Jan. 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, Dec. 31 Cost of goods sold Gross profit Operating expenses Income before taxes Income taxes expense Net income