Income statements for the three inventory costing methods

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Reference no: EM131264926

QP Corp. sold 5,310 units of its product at $46.90 per unit in year 2015 and incurred operating expenses of $7.90 per unit in selling the units. It began the year with 790 units in inventory and made successive purchases of its product as follows.

Jan. 1 Beginning inventory 790 units @ $19.90 per unit Feb. 20 Purchase 1,690 units @ $20.90 per unit May 16 Purchase 890 units @ $21.90 per unit Oct. 3 Purchase 590 units @ $22.90 per unit Dec. 11 Purchase 3,490 units @ $23.90 per unit

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 35%. (Round your average cost per unit to 2 decimal places.)

Reference no: EM131264926

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