6 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations 5 12 30 points Variable costs per uniti Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $ s 2 2 cock $248.000 $158,000 Prire During the year, the company produced 31,000 units and sold 21,000 units. The selling price of the company's product is $44 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. Req IA Reg 1B Reg 2A Reg 28 6 Prepare an income statement for the year. Assume that the company uses variable costing. 30 points Lynch Company Variable Costing Income Statement Book 0 0 0 $ 0