During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost Rig 1A Req 1B > 20 points Complete this question by entering your answers in the tabs below. 02:08:01 Req 1A Req 18 Req 2A Req 28 Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement 0 $ 0 During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 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. Return to question Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req ZA Req 28 Compute the unit product cost. Assume that the company uses variable costing. Unit product cost Req 1A Req 1B Req 2A Req 28 Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement Sales Variable expenses: Indirect materials Indirect labor Variable cost of goods sold Variable selling and administrative expense Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative Fixed manufacturing overhead Ending merchandise inventory Net operating income $ 180,000 0000000000000 126,000 54,000 $ 1,098,000 54,000 414.000 684,000 380,000 290,000 670,000 14,000