Required Information

$[$The following information applles to the questions displayed below.$]$

O'Brlen 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'Brlen produced $95,000$ units and sold $72,000$ units. During its second year of

operations, It produced $78,000$ units and sold $96,000$ units. In its third year, O'Brien produced $81,000$ units and sold

$76,000$ units. The selling price of the company's product is $$75$ 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$)$:

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

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

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Req $3B$

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

Note: Round your intermediate calculations to $2$ decimal places.