QP Corp. sold 5,300 units of its product at $47.00 per unit in year 2017 and incurred operating expenses of $8.00 per unit in selling the units. It began the year with 800 units in inventory and made successive purchases of its product as follows.

Jan.	1	Beginning inventory	800	units @ $20.00 per unit
Feb.	20	Purchase	1,700	units @ $21.00 per unit
May	16	Purchase	900	units @ $22.00 per unit
Oct.	3	Purchase	600	units @ $23.00 per unit
Dec.	11	Purchase	3,500	units @ $24.00 per unit
		Total	7,500	units

Required: 1. Prepare comparative 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, 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, 2017

	FIFO	LIFO	WEIGHTED AVERAGE
SALES	$249,100	$249,100	$249,100
COST OF GOODS SOLD:
INVENTORY DEC. 31, 2016
COST OF PURCHAES
COST OF GOODS AVAILABLE FOR SALE
LESS: INVENTORY DEC. 31, 2017
COST OF GOODS SOLD
GROSS PROFIT
OPERATING EXPENSE	$42,400	$42,400	$42,400
INCOME BEFORE TAXES
INCOME TAXES EXPENSE
NET INCOME