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,, astimes that the newest tirits in irveritory ate soid first compiter. this rumetine...

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Accounting

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astimes that the newest tirits in irveritory ate soid first compiter. this rumetine by entering your anowers in the tabe below. 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: During its first year of operations, O 'Brien produced 94,000 units and sold 75,000 units. During its second year of operations, it produced 82,000 units and sold 96,000 units. In its third year, 0 'Brien produced 84,000 units and sold 79,000 units. The selling price of the company's product is $72 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. Prepare an income statement for Year 1, Year 2, and Year 3

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