QP Corp. sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Dec. 11 Purchase Total 690 units @ $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit 490 units @ $21.90 per unit 3,390 units @ $22.90 per unit 6,950 units 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 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 0 0 Gross profit 0 0 Operating expenses Income before taxes 0 0 Income taxes expense Net income $ 0 $ 0 $ 0