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: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year. Fixed manufacturing overhead Fixed selling and administrative expenses $ $ $ $ 25 18 5 1 $530,000 $200,000 During its first year of operations, O'Brien produced 95,000 units and sold 71,000 units. During its second year of operations, it produced 85,000 units and sold 104,000 units. In its third year, O'Brien produced 81,000 units and sold 76,000 units. The selling price of the company's product is $80 per unit. Required: 1. Assume the company uses variable 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. Required: 1. Assume the company uses variable 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 1A Reg 18 Compute the unit product cost for Year 1, Year 2, and Year 3. +++++ Unit Product Cost Year 1 Year 2 Year 3 10 Req 1A Reg 1B Prepare an income statement for Year 1, Year 2, and Year 3. O'Brien Company Variable Costing Income Statement Year 1 Year 2 Year 3 Variable expenses Total variable expenses Fixed expenses: Total fixed expenses Req 2A Reg 2B Prepare an income statement for Year 1, Year 2, and Year 3. O'Brien Company Variable Costing Income Statement Year 1 Year 2 Year 3 Variable expenses Total variable expenses Fixed expenses Total fixed expenses 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 3A Req 3B 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 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. Req 3A Reg 38 Prepare an income statement for Year 1, Year 2, and Year 3. (Round your intermediate calculations to 2 decimal places.) O'Brien Company Absorption Costing Income Statement Year 1 Year 2 Year 3 4. Assume the company uses absorption costing and a LIFO inventory flow assumption (LIFO means last-n first-out. In other words, it assumes that the newest 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 4A Req 48 Prepare an income statement for Year 1 Year 2, and Year 3. Round your intermediate calculations to 2 decimal places) O'Brien Company Absorption Costing Income Statement Year 1 Year 2 Year 3