QP Corp. sold 5,390 units of its product at $46.10 per unit during the year and incurred operating expenses of $7.10 per unit in selling the units. It began the year with 710 units in inventory and made successive purchases of its product as follows. Jan. Feb. 1 Beginning inventory 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total $19.10 per unit 710 units 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 7,050 units Required: 1. Prepare comparative year-end 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. (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 Sales Cost of goods sold: Beginning inventory, Jan. 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, Dec. 31 Cost of goods sold Gross profit Operating expenses Net income FIFO LIFO Weighted Average