oblem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3

QP Corp. sold 5,470 units of its product at $45.30 per unit during the year and incurred operating expenses of $6.30 per unit in selling the units. It began the year with 630 units in inventory and made successive purchases of its product as follows.

Jan.	1	Beginning inventory	630	units @ $18.30 per unit
Feb.	20	Purchase	1,530	units @ $19.30 per unit
May	16	Purchase	730	units @ $20.30 per unit
Oct.	3	Purchase	430	units @ $21.30 per unit
Dec.	11	Purchase	3,330	units @ $22.30 per unit
		Total	6,650	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.)