Problem 5-8A (Algo) Periodic: Income comparisons and cost flows LO A1, P1 QP Corp. sold 5,340 units of its product at $4660 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. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 768 units @ $19.68 per unit 1,668 units @ $20.60 per unit 860 units @ $21.60 per unit 560 units @ $22.60 per unit 3,460 units @ $23.60 per unit 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. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) QP CORP Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 Weighted FIFO LIFO Average Sales Cost of goods sold Beginning inventory, Jan. 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, Dec. 31 Cast of goods sold Gross profit Operating expenses Net income