Problem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3 QP Corp. sold 5,420 units of its product at $45.80 per unit during the year and Incurred operating expenses of $6.80 per unit in selling the units. It began the year with 680 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 680 units $18.80 per unit 1,580 units $19.00 per unit 780 units $20.00 per unit 480 units $21.30 per unit 3,30 units e $22.80 per unit 6.900 units Required: 1. Prepare comparative Income statements for the three Inventory costing methods of FIFO, LIFO, and weighted average which includes a detalled cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its Income tax rate is 40%. (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 Averago Sales $ 248,236 S 248.236 S 248.236 Cost of goods sold Beginning inventory. Jan. 1 12,784 12,784 12.784 Cost of purchases 135,036 135,036 135,036 Cost of goods available for sale 147.820 147,820 147,820 Loss Ending inventory, Dec. 31 Cost of goods sold 147,820 147,820 147,820 Gross profit 100,416 100,416 100.416 Operating expenses Income before taxes 100,416 100,416 100,416 Income taxes expense Net income S 100,416 S 100,416 $ 100,416