SVC Corp. sold 6,800 units of its product at $80 per unit in year 2008 and incurred operating expenses of $3 per unit in selling the units. It began the year with 750 units in inventory and made successive purchases of its product as follows:
Jan. 1 Beg. inventory 750 units @ $22 per unit
Feb. 18 Purchase 2,600 units @ $24 per unit
Apr. 16 Purchase 300 units @ $26 per unit
Oct. 8 Purchase 1, 500 units @ $28 per unit
Dec. 21 Purchase 2,200 units @ $30 per unit
__________
Total 7,350 units
Required
Prepare comparative income statements for the company similar to Exhibit 6.8 for the three different inventory costing methods of FIFO, LIFO, and weighted average. Include 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%.