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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 $ $27$

Direct labor $ $15$

Variable manufacturing overhead $ $5$

Variable selling and administrative $ $3$

Fixed costs per year:

Fixed manufacturing overhead $ $550,000$

Fixed selling and administrative expenses $ $140,000$

During its first year of operations, O$$Brien produced $93,000$ units and sold $77,000$ units. During its second year of operations, it produced $76,000$ units and sold $87,000$ units. In its third year, O$$Brien produced $83,000$ units and sold $78,000$ units. The selling price of the company$$s product is $$75$ per unit.

$3.$ 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$)$:

Compute the unit product cost for Year $1,$ Year $2,$ and Year $3.$

Prepare an income statement for Year $1,$ Year $2,$ and Year $3.$