Problem 5-8A (Algo) Periodic: Income comparisons and cost flows LO A1, P1 QP Corporated sold 5,320 units of its product at $46.80 per unit during the year and incurred operating expenses of $7.80 per unit in selling the units. It began the year with 780 units in Inventory and made successive purchases of its product as follows. January 1 Beginning inventory February 201 Purchase May 16 Purchase Purchase Purchase Total October 3 December 11 Required: $19.00 per unit 780 units 1,680 units @$20.00 per unit 880 units @$21.88 per unit 580 units $22.80 per unit 3,480 units @ $23.80 per unit 7,400 units t 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 periodic inventory system. Note: Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount. References Note: Round your average cost per unit to 2 decimal places and round your final answers to near QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average Sales Cost of goods sold: Beginning inventory, January 1 Cost of purchases Cost of goods available for sale 0 0 Less: Ending inventory, December 31 Cost of goods sold 0 0 0 0 0 Gross profit Operating expenses Net income $ 0 $ 0 $ 0