Problem 5-8A (Algo) Periodic: Income comparisons and cost flows LO A1, P1 QP Corp. sold 5,480 units of its product at $45.20 per unit during the year and incurred operating expenses of $6.20 per unit in selling the units. It began the year with 620 units in Inventory and made successive purchases of its product as follows. Jan. Feb. May Oct. Dec. 1 Beginning inventory 20 Purchase 16 Purchase 3 Purchase 11 Purchase Total 620 units @ $18.20 per unit 1,520 units @ $19.20 per unit 720 units @ $20.2e per unit 420 units @ $21.20 per unit 3,320 units @ $22.20 per unit 6,600 units Required: 1. Prepare comparative year-end income statements for the three Inventory costing methods of FIFO, LIFO, and welghted 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.) S 0 0 0 QP CORP. Income Statements Comparing FIFO, LIFO, and weighted Average For Year Ended December 31 FIFO Weighted LIFO Average Sales $ 0 S Cost of goods sold Beginning inventory. Jan. 1 0 Cost of purchases 0 0 Cost of goods available for sale 0 0 Less: Ending inventory. Dec. 31 Cost of goods sold Gross profit 0 0 Operating expenses 0 0 Net income S 0 s 0 S 0 0 0 0 0 0 0 0