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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 units and sold units. During
its second year of operations, it produced units and sold units. In its third year,
O'Brien produced units and sold units. The selling price of the company's
product is $ per unit.
Assume the company uses absorption costing and a LIFO inventory flow assumption LIFO means lastin first
out. In other words, it assumes that the newest units in inventory are sold first:
a Compute the unit product cost for Year Year and Year
b Prepare an income statement for Year Year and Year
Complete this question by entering your answers in the tabs below.
Req
Prepare an income statement for Year Year and Year
Note: Round your intermediate calculations to decimal places.
