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Posted by: Walid
Price Quoted by Student: $5
Posted On: 2015-10-04 01:01:23
 
Question

QP Corp. sold 4,000 units of its product at $50 per unit in year 2015 and incurred operating expenses of $5 per unit in selling the units. It began the year with 700 units in inventory and made successive purchases of its product as follows.


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 40%. (Round your average cost per unit to 2 decimal places.)




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