Problem $5-8$A $($Algo$)$ Periodic: Income comparisons and cost flows LO A$1,$ P$1$

QP Corporated sold $5,330$ units of its product at $$46\mathrm{.}70$ per unit during the year and incurred operating expenses of $$7\mathrm{.}70$ per unit in

selling the units. It began the year with $770$ units in inventory and made successive purchases of its product as follows.

Required:

Prepare comparative year$-$end 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.

Note: Round your average cost per unit to $2$ decimal places and round your final answers to nearest whole dollar amount.Problem $5-8$A $($Algo$)$ Periodic: Income comparisons and cost flows LO A$1,$ P$1$

QP Corporated sold $5,330$ units of its product at $$46\mathrm{.}70$ per unit during the year and incurred operating expenses of $$7\mathrm{.}70$ per unit in selling the units. It began the year with $770$ units in inventory and made successive purchases of its product as follows.

January $1$ Beginning inventory $770$ units @ $$19\mathrm{.}70$ per unit

February $20$ Purchase $1,670$ units @ $$20\mathrm{.}70$ per unit

May $16$ Purchase $870$ units @ $$21\mathrm{.}70$ per unit

October $3$ Purchase $570$ units @ $$22\mathrm{.}70$ per unit

December $11$ Purchase $3,470$ units @ $$23\mathrm{.}70$ per unit

Total $7,350$ units

Required:

$1.$ Prepare comparative year$-$end 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.

Note: Round your average cost per unit to $2$ decimal places and round your final answers to nearest whole dollar amount.Problem $5-8$A $($Algo$)$ Periodic: Income comparisons and cost flows LO A$1,$ P$1$

QP Corporated sold $5,330$ units of its product at $$46\mathrm{.}70$ per unit during the year and incurred operating expenses of $$7\mathrm{.}70$ per unit in selling the units. It began the year with $770$ units in inventory and made successive purchases of its product as follows.

January $1$ Beginning inventory $770$ units @ $$19\mathrm{.}70$ per unit

February $20$ Purchase $1,670$ units @ $$20\mathrm{.}70$ per unit

May $16$ Purchase $870$ units @ $$21\mathrm{.}70$ per unit

October $3$ Purchase $570$ units @ $$22\mathrm{.}70$ per unit

December $11$ Purchase $3,470$ units @ $$23\mathrm{.}70$ per unit

Total $7,350$ units

Required:

$1.$ Prepare comparative year$-$end 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.

Note: Round your average cost per unit to $2$ decimal places and round your final answers to nearest whole dollar amount.