Check Problem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3 QP Corp sold 4.000 units of its product at $50 per unat during the year and incurred operating expenses of $5 per unit in selling the units. It began the year with 700 units in inventory and made successive purchases of its product as follows. Dan 1 Beginning inventory Feb 20 Purchase May Oct. Dec 16 Purchase 3 Purchase 11 Purchase Total 700 units $15.00 per unit 1,700 units @ $19.00 per unit 100 units @ $20.00 per unit So units $21.00 per unit 200 units $22.00 per unit 6,000 units Required: 1. Prepare comparative 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 system, and its income tax rate is 40% (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) Required: Check 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 40%. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) OP CORP Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO Weighted LIFO Average Sales Cost of goods sold Beginning inventory, Jan. 1 Cost of purchases Cost of goods available for sale 0 0 Less Ending inventory, Dec 31 Cost of goods sold 0 0 Gross profit 0 0 Operating expenses Income before taxes 0 Income taxes expense Net income 05 0 5 0 0 0 0 0