QP Corp. sold 5,320 units of its product at $46.80 per unit in year 2016 and incurred operating expenses of $7.80 per unit in selling the units. It began the year with 780 units in inventory and made successive purchases of its product as follows.

Jan. 1 Beginning inventory 780 units @ $19.80 per unit

Feb. 20 Purchase 1,680 units @ $20.80 per unit

May 16 Purchase 880 units @ $21.80 per unit

Oct. 3 Purchase 580 units @ $22.80 per unit

Dec. 11 Purchase 3,480 units @ $23.80 per unit

Total 7,400 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 30%. (Round your average cost per unit to 2 decimal places.)

	Fifo	Lifo	Weighted Average
sales
cost of goods sold:
Inventory dec 31, 2015
cost of purchases
cost of goods avaiable for sale
Less: Inventory dec 31, 2016
Costs of Goods
Gross profit
Operating expenses
Income before taxes
Income taxes expense

Net income