QP Corp. sold 5,360 units of its product at $46.40 per unit in year 2017 and incurred operating expenses of $7.40 per unit in selling the units. It began the year with 74 O units in inventory and made successive purchases of its product as follows an. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct 3 Purchase Dec. 11 Purchase 748 units $19.40 per unit 1,640 units $20.48 per unit 840 units$21.48 per unit 540 units$22.40 per unit 3,440 units @$23.40 per unit Total 7,280 units Required: 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 Weighted Average FIFO LIFO Sales 248,704 S 248,704 S 248,704 Cost of goods sold Inventory, Dec. 31, 2016 14,356 144,024 158,380 14,356 144,024 158,380 14,356 144,024 Cost of purchases 160 0 15830 150,.0 158,380 Cost of goods available for sale Less: Inventory, Dec. 31, 2017 Cost of goods sold Gross proft Operating expenses Income before taxes Income taxes expense Net income 158,380 90,324 39,664 50,660 158,380 90,324 39,664 50,660 90,324 39,664 50,660 $ 50,660 $ 50,660 S 50,660