5 Lynch Company manufactures and sells a single product The following costs were incurred during the company's first year of operations 10 Variable costs per unit: Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 12 5 1 1 $360,00 $270,000 put During the year, the company produced 36,000 unts and sold 18.000 units The selling price of the company's product is $55 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 Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost TE search O At ed Homework Saved Complete this question by entering your answers in the t Reg 1A Req 1B Req 2A Reg 2B Prepare an income statement for the year. Assume that the compa Lynch Company Absorption Costing Income Statement Prepare an income statement for the year. Assume that the company uses variable co Lynch Company Variable Costing Income Statement es