QP Corporated sold 5,310 units of its product at $46.90 per unit during the year and incurred operating expenses of $7.90 per unit in selling the units. It began the year with 790 units in inventory and made successive purchases of its product as follows January 1 February 20 May 16 October 3 December 11 Beginning inventory Purchase Purchase Purchase Purchase Total 790 units 1,690 units $19.90 per unit $20.90 per unit 890 units $21.90 per unit 590 units @ $22.90 per unit 3,490 unita # $23.90 per unit 7,450 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. Answer is not complete. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average Sales $ 249,039 $249,039 $ 249,039 Cost of goods sold: Beginning inventory, January 11 15,721 15,721 15,721 Cost of purchases. 151,734 151,734 151,734 Cost of goods available for sale 167,455 167,455 167,455 Less: Ending inventory: December 31 44.563 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. Answer is not complete. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 Weighted FIFO LIFO Sales $ 249,039 ( $249,039 Average $ 249,039 Cost of goods sold: Beginning inventory, January 11 15,721 15,721 15,721 Cost of purchases 151,734 151,734 151,734 Cost of goods available for sale 167,455 167,455 167,455 Less: Ending inventory, December 31 44,563 Cost of goods sold 122,892 167,455 167,455 Gross profit 126,147 81,584 81,584 Operating expenses 41,949 41,949 41,949 Net income $ 84,198 $ 39,635 S 39,635