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QP Corporated sold 5,350 units of its product at $46,50 per unit during the year...

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Accounting

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QP Corporated sold 5,350 units of its product at $46,50 per unit during the year and incurred operating expenses of $7.50 per unit in selling the units. It began the year with 750 units in inventory and made successive purchases of its product as follows January 1 Beginning inventory 750 units $19.50 per unit February 20 Purchase 1,650 units $20.50 per unit May 16 Purchase 850 units $21.50 per unit October 3 Purchase 550 units $22.50 per unit December 11 Purchase 3,450 units $23.50 per unit Total 7.250 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 CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average Sales Cost of goods sold Beginning inventory, January 1 Cost of purchases 0 0 Cost of goods available for sale Less Ending inventory, December 31 Cost of goods sold 0 0 Gross profit 0 0 0 0 0

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Account Debited: Jan 2-Jan 28