The program is correct: at the beginning, product = 0. Then, we start summing Y to that variable, and we sum Y exactly X times, because with each iteration we increase Count by 1, and check if Count=X so that we can exit the loop.
Here are some of the computers used in the first generation of computers: ENIAC EDVAC UNIVAC IBM-701 IBM-650 These are some of the first computers ever that led to today's computers.