Problem 5-8A Periodic: Income comparisons and cost flows LO A1, P1 QP Corp. sold 5,490 units of its product at $45.10 per unit during the year and incurred operating expenses of $6.10 per unit in selling the units. It began the year with 610 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 Dec. 11 Purchase Total 610 units @ $18.10 per unit 1,510 units @ $19.10 per unit 710 units @ $20.10 per unit 410 units @ $21.10 per unit 3,310 units @ $22.10 per unit 6,550 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 35%. (Round your average cost per unit to 2 decimal places.) QP CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO LIFO Weighted Average Sales $ 247,599 $ 247,599 $ 247,599 Cost of goods sold: Beginning Inventory, Jan. 1 11,041 11,041 11,041 Cost of purchases 124,914 124,914 124,914 Cost of goods available for sale 135,955 135,955 135,955 Less: Inventory, Dec. 31 Cost of goods sold 135,955 135,955 135,955 Gross profit 111,644 111,644 111,644 Operating expenses 33,489 33,489 33,489 Income before taxes 78,155 78,155 78,155 Income taxes expense Net income $ 78,155 $ 78,155 $ 78,155