Help Seve Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations Cucky 10 Variable costs per hit Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Yixed manufacturing overhead Pixed selling and administrative 5 1 1 $340,000 $250,000 During the year, the company produced 34,000 units and sold 16,000 units. The selling price of the company's product is $sa per unit Required: 1. Assume that the company uses absorption costing: a. Computo he 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 Complete this question by entering your answers in the tabs below. 3. Compute the unit product cost. - Prepare an income statement for the year Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2A Reg 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost Reg 10 > 2 Score answer > E wompute the unit product cost. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Reg 1A Req[18 Req 2A Reg 28 Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Red 2A > Reg 18 the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Rek 28 Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement