The following information applies to the questions displayed below.] O’Brien Company manufactures and sells one product.

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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 92,000
units and sold 79,000 units. During its second year of operations,
it produced 83,000 units and sold 91,000 units. In its third year,
O’Brien produced 81,000 units and sold 76,000 units. The selling
price of the company’s product is $75 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):