During the year, the company produced 37,000 units and sold 18,000 units. The selling price of the company's product is $55 per Required: 1. Assume the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume the company uses vartable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Lynch Company manufactures and sells o single product. The following costs were incurred during the company's first year of operations. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume the company uses absorption costing. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assume the company uses absorption costing. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assume the company uses variable costing Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume the company uses variable costing