Reference no: EM132927067
Question - 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 $17
Variable manufacturing overhead $4
Variable selling and administrative $3
Fixed costs per year: Fixed manufacturing overhead $530,000
Fixed selling and administrative expenses $160,000
During its first year of operations, O'Brien produced 96,000 units and sold 74,000 units. During its second year of operations, it produced 77,000 units and sold 94,000 units. In its third year, O'Brien produced 84,000 units and sold 79,000 units. The selling price of the company's product is $73 per unit.
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. income statement for Year 1, Year 2, and Year 3.
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. income statement for Year 1, Year 2, and Year 3.
3 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. income statement for Year 1, Year 2, and Year 3.
|
Describe occupational therapy employment settings
: Identify and explain potential clients' contextual factors, current policy issues, and socioeconomic, political, geographic, and demographic factors
|
|
What the number of equivalent units of production
: The first-in, first-out method is used to cost inventories. What the number of equivalent units of production for conversion costs for the period
|
|
What recommendations would make to put a program
: What recommendations would you make to put a program in place? What suggestions do you have for your classmates based on their findings?
|
|
Explain how issue may impact local industry
: Explain one program element that you believe is essential for the protection of your community. Include how your issue may impact local industry.
|
|
Compute the unit product cost for year
: During its first year of operations, O'Brien produced 96,000 units and sold 74,000 units. Compute the unit product cost for Year 1, Year 2, and Year 3
|
|
Where efforts as public health professional be best utilized
: Where would your efforts as public health professional be best utilized? There are several ways to answer this question. When determining most important needs?
|
|
Description of the community that is being evaluated
: Describe the information that you gathered from your interviews. Be sure to explain the perceived public health needs of the community
|
|
Determine the unearned service contract revenue
: Contracts sold in 2019 and 2020 amounted to P3,780,000 and P4,620,000, respectively. Determine the unearned service contract revenue
|
|
Develop a plan for an employee training session
: Identify specific, relevant topics that should be covered during the training session, with justification.
|