Econnect ACCOUNTING CHO6 HW Question 5 (of 6) 416 points Lynch Company manufactures and sells a single product The following costs were incurred during the Varable costs per unt Direct materials Diroct labor Variable Variable selling and adminstrative $ 13 $ 7 $ 1 $ 1 overhead Fxed costs per year Fixed manufacturing overhead Fxed seling and administrative 288.000 S 198,000 During the year, the company produced 24,000 unts and sold 20,000 unts. The selling price of the company's product is $48 per unit Required: 1 Assume that the company uses absorpbion costing a. Compute the unit product cost b Prepare an income statement for the year ost of goods sold 00,000 otal selling and administraive expense operating income 82,000