QP Corporated sold 5,430 units of its product at $45.70 per unit during the year and incurred operating expenses of $6.70 per unit in selling the units. It began the year with 670 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 670 units @ $18.70 per unit 1,570 units @ $19.70 per unit 770 units @ $20.70 per unit 470 units @ $21.70 per unit 3,370 units @ $22.70 per unit 6,850 units Total 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. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) X Answer is complete but not entirely correct. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average Sales $ 248,151 $ 248,151 $ 248,151 Cost of goods sold: Beginning inventory, January 1 12,529 12,529 12,529 Cost of purchases 165,246 X 165,246 X 165,246 X Cost of goods available for sale 177,775 177,775 177,775 Less: Ending inventory, December 31 32,234 27,304 36,849 Cost of goods sold 145,541 150,471 140,926 Gross profit 102,610 97,680 107,225 Operating expenses 36,381 36,381 36,381 Net income $ 66,229 $ 61,299 $ 70,844