Required information l{Elie foiiowing 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 rst three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 27 Direct labor $ 14 Variable manufacturing overhead $ 4 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing overhead $546,666 Fixed selling and administrative expenses $186,666 During its first year ofoperations. O'Brien produced 100,000 units and sold 79,000 units. During its second year of operations, it produced 84,000 units and sold 100,000 units. In its third year, O'Brien produced 86,000 units and sold 81,000 units. The selling price ofthe company's product is $75 per unit. 4. Assume the company uses absorption costing and a LIFO inventory flow assumption [LIFO means lastin firstout. In other words. it assumes that the newest units in inventory are sold rst): 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