Problem 5-8AA Periodic: Income comparisons and cost flows L O A1, P3 QP Corp. sold 5,390 units of its product at $46.10 per unit in year 2015 and incurred operating expenses cf 10 per unit in selling the units. It began the year with 710 units in inventory and made successive Feb. 20 Purchase May 16 Oct. 3 Purchase Dec. 11 Purchase 710 units$19.10 per unit 1,610 units$20.10 per unit 810 units $21.10 per unit 510 units $22.10 per unit 3,410 units$23.10 per unit Total 7,050 units Required: 1. Prepare comparative income statements for the three inventory costing methods of FIFO, LIFO weighted average which includes a detailed cost of goods sold section as part of each statement.1 company uses a periodic inventory system, and its income tax rate is 40%. (Round your average cost per unit to 2 decimal places.) QP CORP Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31, 2015 Weighted FIFo LIFO 248,479 $ 248.479 $248.479 Cost of goods sold 13.561 13.561 13.561 Cost of purchases 13.561 13.561 13.561 Less: Inventory, Dec. 31. 2015 13,561 234.918 38,269 196,649 13,561 234.918 38,269 196.649196 649 Cost of goods sold 13.561 38.269 S196.649 S 196 649 S196.649