Required: 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. Prepare an 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 Prepare an income statement for Year 1. Year 2, and Year 3 3. Assume the company uses absorption costing and a FIFO imventory flow assumption (FIFO means first-in first-out Pae 30 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. Prepare an income statement for Year 1, Year 2 and Year 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. Prepare an income statement for Year 1. Year 2, and Year 3