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. May Oct. 1 Beginning inventory 20 Purchase 16 Purchase 3 Purchase 11 Purchase Total 710 units @ $19.10 per unit 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 Dec. 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 and round your final answers to nearest whole dollar amount.) 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 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 FIFO LIFO Weighted Average 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 Income before taxes Income taxes expense Net income