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 And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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