QP Corporated sold 5,370 units of its product at $46.30 per unit during the year and incurred operating expenses of $7.30 per unit in selling the units. It began the year with 730 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 730 units @ $19.30 per unit 1,630 units @ $20.30 per unit. 830 units @ $21.30 per unit 530 units @ $22.30 per unit 3,430 units @ $23.30 per unit 7,150 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 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.

QP Corporated sold 5,370 units of its product at $46.30 per unit during the year and incurred operating expenses of $7.30 per unit in selling the units. It began the year with 730 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 730 units @ $19.30 per unit 1,630 units @ $20.30 per unit. 830 units @ $21.30 per unit 530 units @ $22.30 per unit 3,430 units @ $23.30 per unit 7,150 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 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.

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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