Problem 5.8AA Perlodic: Income comparlsons and cost flows LO A1, P3 QP Corp. sold 5,500...
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Problem 5.8AA Perlodic: Income comparlsons and cost flows LO A1, P3 QP Corp. sold 5,500 units of its product at $45.00 per unit in year 2017 and incurred operating expenses of $6.00 per unit in selling the units. It began the year with 600 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning Feb. 20Purchase May 16Purchase Oct. 3 Purchase Dec. 11Purchase a units $18.00 per units$19.00 per units$20.00 per units $21.00 per 3,300 units $22.00 per inventory unit 1,500 unit 700 unit 400 unit unit Total 6,500 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 30%. (Round your average cost per unlt to 2 declmal places.) Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31, 2017 FIFO LIFO Weighted Sales Cost of goods sold: Inventory, Dec. 31, 2016 Cost of purchases Cost of ooodsaabe for sale
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