600 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 12 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year. Fixed manufacturing overhead 403.000 Fixed selling and administrative 313,000 During the year, the company produced 31,000 units and sold 26.000 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. product cost b. Prepare an income statement for the year Lynch Company Absorption Costing Income Statement