$ 10 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations Variable costs per unit: Manufacturing: Direct materials Direct labor $.7 Variable manufacturing overhead $ 3 Variable selling and administrative $ 3 Fixed costs per year: Fixed manufacturing overhead $ 380,000 Fixed selling and administrative $ 290,000 During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 per unit Required: 1. Assume that the company uses absorption costing a. Compute the unit product cost. b. Prepare an income statement for the year 2 Assume that the company uses variable costing: a. Compute the unit product cost, b. Prepare an income statement for the year, Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $490,000, 38%, and $9,800, respectively. The North Division's contribution margin and contribution margin ratio are $100,800 and 42%, respectively. The South Division's segment margin is $35,000. The company has $68,600 of common fixed expenses that cannot be traced to elther division Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round a your percentage answers to 1 decimal place (i.e.1234 should be entered as 12.3).) North Total Company Amount Divisions South Amount Amount %