38 value: 10.00 points 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 $ 11 $ 8 $ 1 $ 1 Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $ 420,000 $ 330,000 During the year, the company produced 30,000 units and sold 25,000 units. The selling price of the company's product is $54 per unit. Required: 1 Assume that the company uses absorption costing: Compute the unit product cost. a Unit product cost Waiting for sspikad.net, During the year, the company produced 30,000 units and sold 25,000 units. The selling price of the company's product is $54 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost Unit product cost b. Prepare an income statement for the year. Lynch Company Absorption Costing Income Statement Waiting for ouxdog2-shvertamedia.co 2. Assume that the company uses variable costing: Compute the unit product cost. a. Unit product cost b. Prepare an income statement for the year Lynch Company Variable Costing Income Statement Variable expenses1 Fixed expenses b. Prepare an income statement for the year. Lynch Company Variable Costing Income Statement Variable expenses: Fixed expenses