Expo Manufacturing Inc., is in the process of evaluating a new product using the following information:

A New transformer has two production runs each year, each with $11,000 in setup costs.

The New transformer incurred $35,000 in development costs and is expected to e produced over the next three years.

Direct costs of producing the transformer are $40,000 per run of $6,600 transformers each.

Indirect manufacturing costs charged to each run are $115,000.

Destination charges for each transformer average $3.00.

Customer service expenses average $0.30 per transformer.

The transformers are selling for $30.00 the first year and will increase by $1.00 each year thereafter.

Sales units equal production units each year.

What is the estimated life - cycle operating income for the first three years?

The answer is supposed to be $65,920 but how do I get to that answer or is this answer incorrect?