Required information [The following information applies to the questions displayed below) O'Brien Company manufactures and sells one product. The following Information pertains to each of the company's first three years of operations 28 18 Variable costs per unit Manufacturing: Direct materiala Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year. Yixed manufacturing overhead Pixed selling and administrative expenses $ $ $ 2 $580,000 $100,000 During its first year of operations, O'Brien produced 96,000 units and sold 75,000 units. During its second year of operations, it produced 80,000 units and sold 96.000 units. In its third year, O'Brien produced 90,000 units and sold 85,000 units. The selling price of the company's product is $79 per unit. 3. Assume the company uses absorption costing and 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 Year 1. Year 2, and Year 3 Complete this question by entering your answers in the tabs below. operations, it produced 80,000 units ana soia Y0,000 units, in its tira year, onen prooucea 90,000 units ana soia 85,000 units. The selling price of the company's product is $79 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 Year 1. Year 2, ond Year 3. Complete this question by entering your answers in the tabs below. Reg 3A Reg 38 Compute the unit product cost for Year 1 Year 2, and Year 3/(Round your intermediate calculations and final answers to 2 decimal places.) Unit Product Cost Year 1 Year 2 Year 3 ROG 3A Reg 3B > Saved Help During its first year of operations, O'Brien produced 96,000 units and sold 75,000 units. During its second year of operations, it produced 80,000 units and sold 96,000 units. In its third year, O'Brien produced 90,000 units and sold 85,000 units. The selling price of the company's product is $79 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 Year 1. Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Reg Reg 38 Prepare an income statement for Year 1 Year 2, and Year 3. (Round your intermediate calculations to 2 decimal places) Year 3 O'Brien Company Absorption Costing Income Statement Year 1 Year 2 Sales Cost of goods sold Gross margin 0 Selling and administrative expenses Net operating income $ $ 0 0 0$ 0
