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 26 17 3 2 $ $ $570,000 $130,000 During its first year of operations, O'Brien produced 91,000 units and sold 76,000 units. During its second year of operations, it produced 79,000 units and sold 89,000 units. In its third year, O'Brien produced 85,000 units and sold 80,000 units. The selling price of the company's product is $76 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. Complete this question by entering your answers in the tabs below. Rea 1A Rea 1B During its first year of operations, O'Brien produced 91,000 units and sold 76,000 units. During its second year of operations, it produced 79,000 units and sold 89,000 units. In its third year, O'Brien produced 85,000 units and sold 80,000 units. The selling price of the company's product is $76 per unit. Required: 1. Assume the company uses variable costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In othe 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 1A Reg 1B Compute the unit product cost for Year 1, Year 2, and Year 3. Unit Product Cost Year 1 Year 2 Year 3 Ren A Req 1B During its first year of operations, O'Brien produced 91,000 units and sold 76,000 units. During its second year of operations, it produced 79,000 units and sold 89,000 units. In its third year, O'Brien produced 85,000 units and sold 80,000 units. The selling price of the company's product is $76 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. Complete this question by entering your answers in the tabs below. Reg 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 Sales Variable expenses Total variable expenses 0 0 0 0 0 0 Fixed expenses: Fixed selling and administrative expenses $130,000 During its first year of operations, O'Brien produced 91,000 units and sold 76,000 units. During its second year of operations, it produced 79,000 units and sold 89,000 units. In its third year, O'Brien produced 85,000 units and sold 80,000 units. The selling price of the company's product is $76 per unit 2. Assume the company uses variable costing and a LIFO inventory flow assumption (LIFO means last-in 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 2A Req 2B Compute the unit product cost for Year 1, Year 2, and Year 3. Unit Product Cost Year 1 Year 2 Year 3 R2 Req 2B > Fixed selling and administrative expenses $130,000 During its first year of operations, O'Brien produced 91,000 units and sold 76,000 units. During its second year of operations, it produced 79,000 units and sold 89,000 units. In its third year, O'Brien produced 85,000 units and sold 80,000 units. The selling price of the company's product is $76 per unit 2. Assume the company uses variable costing and a LIFO inventory flow assumption (LIFO means last-in 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 2A Req 2B Compute the unit product cost for Year 1, Year 2, and Year 3. Unit Product Cost Year 1 Year 2 Year 3 R2 Req 2B > Reg 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 Sales Variable expenses Total variable expenses 0 0 0 0 0 0 Fixed expenses Total fixed expenses 0 0 0 Net operating income 0 $ 0 $ 0 During its first year of operations, O'Brien produced 91,000 units and sold 76,000 units. During its second year of operations, it produced 79,000 units and sold 89,000 units. In its third year, O'Brien produced 85,000 units and sold 80,000 units. The selling price of the company's product is $76 per unit. of 4 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. Ir 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. -ok Complete this question by entering your answers in the tabs below. ences Req 3A Req 3B 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 Sales Cost of goods sold Gross margin 0 0 0 Selling and administrative expenses Net operating income $ $ 0 $ 0 0