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.) Answer is complete but not entirely correct. QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 Weighted FIFO LIFO Average Sales S 248,911 $ 248.911 $ 248,911 Cost of goods sold Beginning inventory, January 1 15.169 15,169 15,169 Cost of purchases 148,626 148,626 148,626 Cost of goods available for sale 163,795 163,795 163,795 Less: Ending inventory, December 31 47,874 47,874 47,874 Cost of goods sold 115,921 115,921 115,921 Gross profit 132.990 132,990 132.990 Operating expenses 41.041 41,041 41,041 Net Income $ 91,949 $ 91,949 $ 91,949