Reference no: EM132585897
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$26
Direct labor$15
Variable manufacturing overhead$4
Variable selling and administrative$3
Fixed costs per year:
Fixed manufacturing overhead$580,000
Fixed selling and administrative expenses$190,000
- During its first year of operations, O'Brien produced 93,000 units and sold 74,000 units. During its second year of operations, it produced 82,000 units and sold 96,000 units. In its third year, O'Brien produced 89,000 units and sold 84,000 units. The selling price of the company's product is $71 per unit.
Question 1: Assume the company uses absorption 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 a income statement for Year 1, Year 2, and Year 3.
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