3 Dom 01 Print 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 Variable manufacturing overhead Variable selling and adeinistrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $15 51 $1 $286,000 $156,000 During the year, the company produced 26.000 units and sold 22.000 units. The selling price of the company's product is $46 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 Complete this question by entering your answers in the tabs below. Red 1A Reg 2A 28 Compute the unit product cost. Assume that the company uses absorption costing. Unt product co Reg 10 > Check my work