under operating expenses there's "income before taxes" "income taxes expense" and "net income"

uTube Maps Foundations of Bu... Chapter 4 Learn S... mework Required i Saved Help QP Corp. sold 5,480 units of its product at $45.20 per unit during the year and incurred operating expenses of $6.20 per unit in selling the units. It began the year with 620 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory 620 units @ $18.20 per unit Feb. 20 Purchase 1, 520 units @ $19. 20 per unit May 16 Purchase 720 units @ $20.20 per unit Oct . 3 Purchase 420 units @ $21. 20 per unit Dec. 11 Purchase 3, 320 units @ $22. 20 per unit Total 6 , 600 units Required: 1. Prepare comparative 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, and its income tax rate is 40%. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) QP CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average Sales Cost of goods sold: Beginning inventory, Jan. 1 Cost of purchases Cost of goods available for sale O O Less: Ending inventory, Dec. 31 Cost of goods sold Gross profit O o O o Operating expenses