Lymeh Company manufactures and setls a single product. The following costs were incurred during the company's first year of operations During the year, the company produced 28,000 units and sold 24,000 units. The selting price of the company's product is $41 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. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses absorption costing. During the year, the company produced 28,000 units and sold 24,000 units. The selling price of the company's product is $41 pei Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. 2. Prepare an income statement for the year. 2. Assume that the company uses variable costing: Compute the unit product cost. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. repare an income statement for the year. Assume that the company uses absorption costing. Lynch Company manufoctures and selts a single product. The following costs were incured during the cornpany's first ye operations: During the year, the company produced 28.000 units and sold 24.000 units. The selling price of the company's produr 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. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses variable 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 yoar. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year, Assume that the company uses variable costing