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Problem 5-8A Periodic: Income comparisons and cost flows LO A1, P3 QP Corp. sold 4,000 units of its product at $50 per unit in year 2017 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. 700 units@$18.00 per unit Jan. 1 Beginning inventory 1,700 units@ $19.00 per unit Feb. 20 Purchase 800 units@$20.00 per unit May 16 Purchase 500 units@$21.00 per unit 2,300 units@$22.00 per unit Oct. 3 Purchase Dec. 11 Purchase 6,000 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.) 143000 32 300 120 Chapter 5 Problem 5-8A or 5-8B Name Part 1 Comparative Income Statements Income Statements Comparing FIFO, LIFO and Woighted Average For Year Ended December 31, 2017 Weighted Average FIFO LIFO Sales d ol food Seld ecDe 3t 1200000 2602002 nb000 DD 600D0 58800 Cot fnurhax) SB00 Ler Dadr1 De 31 9.01 ec Lefor dayes Supporting Calculations: Name Chapter 5 Problem 5-8A or 5-8B (Continued) Part 2 Part 3 Advantages: LIFO FIFO Disadvantages: LIFO FIFO