Required informationSkip to question$[$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 $71,000$ units. During its second year of operations,

it produced $85,000$ units and sold $103,000$ units. In its third year,

O$$Brien produced $82,000$ units and sold $77,000$ units. The selling

price of the company$$s product is $$80$ per unit$\mathrm{.}3.$ 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$)$: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

$3.$