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$25Direct labor$15Variable manufacturing overhead$4Variable selling and administrative$2Fixed costs per year:Fixed manufacturing overhead$590,000Fixed selling and administrative expenses$120,000

During its first year of operations, O'Brien produced 95,000 units and sold 74,000 units. During its second year of operations, it produced 85,000 units and sold 101,000 units. In its third year, O'Brien produced 82,000 units and sold 77,000 units. The selling price of the company's product is $78 per unit.

Assume the company uses absorption 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):

What is the income statement for Year 1, Year 2, and Year 3.(Round your intermediate calculations to 2 decimal places.)