lynch company manufacturees and sells a single product. the following were incurred during the companys forst year.

Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: 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 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 varlable 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. a. Compute the unit product cost. b. Prepare an income statement for the year. Assume that the company uses varlable 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. Prepare an income statement for the year. Assume that the company uses absorption costing. 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 2. Assume that the company uses varlable 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. Prepare an income statement for the year. Assume that the company uses variable costing