QP Corporated sold units of its product at $ per unit during the year and incurred operating expenses of $ per unit in selling the units. It began the year with units in inventory and made successive purchases of its product as follows.
Required:
Prepare comparative yearend 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 decimal places and round your final answers to nearest whole dollar amount.
tableQP CORPORATIONIncome Statements Comparing FIFO, LIFO, and Weighted AverageFor Year Ended December FIFO,LIFO,tableWeightedAverageSalesCost of goods sold:Beginning inventory, January Cost of purchasesCost of goods available for sale,Less: Ending inventory, December Cost of goods sold,Gross profit,Operating expenses,,,Net income,$$
