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Problem $5-8$AA $($Static$)$ Periodic: Income comparisons and cost flows LO A$1,$ P$3$

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 $1$ Beginning inventory $700$ units @ $$18$ per unit

February $20$ Purchase $1,700$ units @ $$19$ per unit

May $16$ Purchase $800$ units @ $$20$ per unit

October $3$ Purchase $500$ units @ $$21$ per unit

December $11$ Purchase $2,300$ units @ $$22$ per unit

Total $6,000$ 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.

Note: Round your average cost per unit to $2$ decimal places and round your final answers to nearest whole dollar amount.