Complete the table

Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: 10 5 Variable conts per unit: Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrativo Pixed costs per years Fixed manufacturing overhead Fixed selling and administrative $ 5 $ $ 1 $385,000 $295,000 During the year, the company produced 35,000 units and sold 17,000 units. The selling price of the company's product is $58 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, Req 1A Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable costing $ $ 986,000 Lynch Company Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold $ 272,000 Variable selling and administrative expense 17,000 289,000 697,000 Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative Net operating income 385,000 295,000 680,000 $ 17,000