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QP Corporated sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 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 690 units $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit 490 units $21.90 per unit 3,390 units @ $22.90 per unit 6,950 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. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) OP CORPORATION

QP Corporated sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 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 690 units $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit 490 units $21.90 per unit 3,390 units @ $22.90 per unit 6,950 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. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) OP CORPORATION

FINANCIAL ACCOUNTING
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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QP Corporated sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. January 11 February 20 May 16 October 3 December 11 Beginning inventory Purchase Purchase Purchase. Purchase Total 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. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) 690 units $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit 490 units $21.90 per unit 3,390 units @ $22.90 per unit 6,950 units QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO Sales Cost of goods sold: Beginning inventory, January 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, December 31 Cost of goods sold Gross profit Operating expenses LIFO Weighted Average
Transcribed Image Text:QP Corporated sold 5,410 units of its product at $45.90 per unit during the year and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. January 11 February 20 May 16 October 3 December 11 Beginning inventory Purchase Purchase Purchase. Purchase Total 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. (Round your average cost per unit to 2 decimal places and round your final answers to nearest whole dollar amount.) 690 units $18.90 per unit 1,590 units @ $19.90 per unit 790 units @ $20.90 per unit 490 units $21.90 per unit 3,390 units @ $22.90 per unit 6,950 units QP CORPORATION Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31 FIFO Sales Cost of goods sold: Beginning inventory, January 1 Cost of purchases Cost of goods available for sale Less: Ending inventory, December 31 Cost of goods sold Gross profit Operating expenses LIFO Weighted Average
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