QP Corporated sold 5,360 units of its product at $46.40 per unit during the year and incurred operating expenses of $7.40 per unit in selling the units. It began the year with 740 units in inventory and made successive purchases of its product as follows. January 1 February 20 May 16 October 3 December 11 Beginning inventory Purchase Purchase Purchase Purchase Total 740 units @ $19.40 per unit. 1,640 units @ $20.40 per unit 840 units @ $21.40 per unit 540 units @ $22.40 per unit 3,440 units @ $23.40 per unit 7,200 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. Answer is not complete.

QP Corporated sold 5,360 units of its product at $46.40 per unit during the year and incurred operating expenses of $7.40 per unit in selling the units. It began the year with 740 units in inventory and made successive purchases of its product as follows. January 1 February 20 May 16 October 3 December 11 Beginning inventory Purchase Purchase Purchase Purchase Total 740 units @ $19.40 per unit. 1,640 units @ $20.40 per unit 840 units @ $21.40 per unit 540 units @ $22.40 per unit 3,440 units @ $23.40 per unit 7,200 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. Answer is not complete.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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