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please help due by 11 pm tonight Required information [The following information applles fo the questions displayed below.] OBrien Company manufactures and sells one product.
please help due by 11 pm tonight
Required information [The following information applles fo the questions displayed below.] OBrien Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: During its first yeat of operations, O'Brien produced 95,000 units and sold 70,000 units. During its second yeat of operations, it produced 80,000 units and sold 100,000 units. In its third year, OBrien produced 85.000 units and sold 80,000 units. The selling pice of the company's product is $75 per unit 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words. it assumes that the oldest units in inventory are sold first:: a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Yeat 1. Year 2, and Yeat 3. 3. Assume the company uses absorption costing and a FFFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first): a. Compute the unit product cost for Year 1, Year 2 , and Year 3. b. Prepare an income statement for Year 1. Year 2. and Year 3. Complete this question by entering your answers in the tabs below. Compute the unit product cost for Year 1, Year 2, and Year 3. (Round your intermediate calculations and final answers to 2 decimal places) 3. Assume the company uses absorption costing and a FFFO inventory flow assumption (FFFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first): a. Compute the unit product cost for Year 1, Year 2, and Year 3. b. Prepare an income statement for Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1, Year 2, and Year 3. (Round your intermediate calculations to 2 decirnal places.) Step by Step Solution
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