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oblem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3 QP Corp. sold 5,470 units...

oblem 5-8AA Periodic: Income comparisons and cost flows LO A1, P3

QP Corp. sold 5,470 units of its product at $45.30 per unit during the year and incurred operating expenses of $6.30 per unit in selling the units. It began the year with 630 units in inventory and made successive purchases of its product as follows.

Jan. 1 Beginning inventory 630 units @ $18.30 per unit
Feb. 20 Purchase 1,530 units @ $19.30 per unit
May 16 Purchase 730 units @ $20.30 per unit
Oct. 3 Purchase 430 units @ $21.30 per unit
Dec. 11 Purchase 3,330 units @ $22.30 per unit
Total 6,650 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 unit to 2 decimal places and round your final answers to nearest whole dollar amount.)

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ekkarill92 answered 2 years ago
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