Problem 5-8A (Algo) Periodic: Income comparisons and cost flows LO A1, P1

QP Corporated sold 5,340 units of its product at $46.60 per unit during the year and incurred operating expenses of $7.60 per unit in selling the units. It began the year with 760 units in inventory and made successive purchases of its product as follows.

January 1	Beginning inventory	760	units @ $19.60 per unit
February 20	Purchase	1,660	units @ $20.60 per unit
May 16	Purchase	860	units @ $21.60 per unit
October 3	Purchase	560	units @ $22.60 per unit
December 11	Purchase	3,460	units @ $23.60 per unit
	Total	7,300	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 5-8A (Algo) Periodic: Income comparisons and cost flows LO A1, P1 QP Corporated sold 5,340 units of its product at $46.60 per unit during the year and incurred operating expenses of $7.60 per unit in selling the units. It began the year with 760 units in inventory and made successive purchases of its product as follows. 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