available unt 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 administrative Foxed costs per year. Fbed manufacturing overhead Fored selling and administrative $ 300,000 $ 190,000 During the you, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is $50 per unit Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost Unin product costs 30 b. Prepare an income statement for the year. Lynch Company b. Prepare an income statement for the year Lynch Company Absorption Costing Income Statement Unt product cost b. Prepare an income statement for the year. Lynch Company Variable Costing Income Statement Sales Variable expenses Indirect materials Indirect labor Variable cost of goods sold Variable selling and administrative expense Fixed expenses