Required information [The following 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 first three years of operations: During its first year of operations, O'Brien produced 94,000 units and sold 78,000 units. During its second year of operations, it produced 80,000 units and sold 91,000 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 $75 per unit. a quired: Assume the company uses variable costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it sumes that the oldest units in inventory are sold first): Compute the unit product cost for Year 1, Year 2, and Year 3. operations, it produced 80,000 units and sold 91,000 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 $75 per unit. Required: 1. Assume the company uses varlable costing and a FIFO inventory flow assumption (FFFO 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. 2. Prepare an income statement for Year 1, Year 2, and Year 3. Complete this question by entering your answers in the tabs below. Compute the unit product cost for Year 1, Year 2 , and Year 3. Prepare an Income statement for Year 1 , Year 2, and Yean 3. \begin{tabular}{l} Sariable Conting Incomo statement \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline & Variable expenses: \\ \hline & & & \end{tabular}