CHO6 Hw ) ezto.mhducation.com/hmtpx Lynch Compary manufactures and sells a single product The tollowing costs wore incurred during the company's first yoar of operations Vanable costs per unit Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 13 s T $ 1 $ 1 Fixed costs per year Fioxed manufacturing overhead Fixed selling and administrative $ 288,000 $ 198,000 During the year, the company produced 24,000 units and sold 20,000 units. The selling price of the company's product is $48 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 Lynch Company Absorption Costing Income Statement