QP Corporation sold 4,000 units of its product at $50 per unit during the year and incurred operating expenses of $5 per unit in selling the units. It began the year with 700 units in inventory and made successive purchases of its product as follows. January 1 February 20 May 16 October 3 December 11 Required: Beginning inventory Purchase Purchase Purchase Purchase Total 700 units @$18 per unit 1,700 units @ $19 per unit 800 units @ $20 per unit 500 units @$21 per unit 2,300 units @ $22 per unit 6,000 units 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.) Answer is not complete. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 Weighted FIFO LIFO Average Sales $ 200,000 ( $ 200,000 200,000 Cost of goods sold Beginning inventory, January 1 700 Cost of purchases 78,000 Cost of goods available for sale 78,700 0 0 Less: Ending inventory, December 31 Cost of goods sold 78,700 0 0 Required: 1. Prepare comparative year-end income statements for the three inventory costing methods of FIFO, LIFO, which includes a detailed cost of goods sold section as part of each statement. The company uses a period (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole da Answer is not complete. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average $ 200,000 Sales $200,000 $200,000 ( Cost of goods sold: Beginning inventory, January 1 700 Cost of purchases 78,000 Cost of goods available for sale 78,700 0 0 Less: Ending inventory, December 311 Cost of goods sold 78,700 0 0 Gross profit 121,300 200,000 200,000 Operating expenses 40,800 Net income $ 80,500 $ 200,000 $ 200,000 www.