QP Corporated sold 5,300 units of its product at $47.00 per unit during the year and incurred operating expenses of $8.00 per unit in selling the units. It began the year with 800 units in inventory and made successive purchases of its product as follows. January 1 February 20 May 16 Beginning inventory Purchase Purchase Purchase. October 31 December 11 Purchase Total 800 units $20.00 per unit 1,700 units @ $21.00 per unit 900 units @ $22.00 per unit 600 units $23.00 per unit 3,500 units @ $24.00 per unit 7,500 units Required: Total 7,500 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. Note: Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average. Sales $ 249,100 $ 249,100 $ 249,100 Cost of goods sold: Beginning inventory, January 11 16.000 16,000 16,000 Cost of purchases 153,300 153,300 153,300 Cost of goods available for sale 169,300 169,300 169,300 Less: Ending inventory, December 31 45,400 52,800 49.654 Cost of goods sold 123,900 116,500 119.646 Gross profit 125,200 132.600 129,454 Operating expenses 42,400 42,400 42,400 Net income $ 82,800 $ 90,200 $ 87,054