QP Corp. sold 5,400 units of its product at $46.00 per unit during the year and incurred operating expenses of $7.00 per unit in selling the units. It began the year with 700 units in inventory and made successive purchases of its product as follows.

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 35%. (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 Weighted LIFO Average $ 248,400 $ 248,400 Sales $ 248,400 13,300 13,300 138,000 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 151,300 36,800 114,500 133,900 37,800 96,100 33,635 13,300 138,000 151,300 13,300 138,000 110,400 37,800 72,600 25,410 138,000 151,300 34,583 116,717 131,683 37,800 93,883 32,859 Income taxes expense Net income $ 62,465 $ 47,190 $ 61,024 Problem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3 QP Corp. sold 5,400 units of its product at $46.00 per unit during the year and incurred operating expenses of $7.00 per unit in selling the units. It began the year with 700 units in inventory and made successive purchases of its product as follows. Jan. Feb. May Oct. Dec. 1 Beginning inventory 20 Purchase 16 Purchase 3 Purchase 11 Purchase 700 units @ $19.00 per unit 1,600 units @ $20.00 per unit 800 units @ $21.00 per unit 500 units @ $22.00 per unit 3,400 units @ $23.00 per unit 7,000 units Total 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 35%. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.)