Fifo & lifo

QP Corp. sold 5,450 units of its product at $45.50 per unit in year 2017 and incurred operating expenses of $6.50 per unit in selling the units. It began the year with 650 units in inventory and made successive purchases of its product as follows. an. 1 Beginning inventory Feb. 28 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase 658 units$18.58 per unit 1,55e units $19.50 per unit 758 units $28.50 per unit 450 units $21.5e per unit $22.se per unit 3,350 units 6,750 units Total 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 40% (Round your average cost per unit to 2 decimal places.) QP CORP Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31, 2017 Weighted FIFO LIFO Sales Cost of goods sold Inventory Dec 31, 2016