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  3. qp corp. sold 5,420 units of its product at $45.80

QP Corp. sold 5,420 units of its product at $45.80 per unit during the year...

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Accounting

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QP Corp. sold 5,420 units of its product at $45.80 per unit during the year and incurred operating expenses of $6.80 per unit in seling the units. It began the year with 680 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory Feb. 20 Purchase May 16 Purchase Oct. 3 Purchase Doc. 11 Purchase Total 680 units $18.80 per unit 1,580 units $19.00 per unit 780 units $20.80 per unit 480 units $21.50 per unit 3,380 units 522.00 per unit 6,900 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. (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 Weighted FIFO LIFO Average Sales Cost of goods sold: Beginning inventory, Jan. 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, Dec. 31 Cost of goods sold Gross profit Operating expenses Net income

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