Lynch Company manufactures and selis a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 35,000 units and sold 17,000 units. The seling price of the company's product is $58 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. ompute the unit product cost. Assume that the company uses absorption costing. Prepare an income statement for the year. Assume that the company uses absorption costing. iompute the unit product cost. Assume that the company uses variable costing Prepare an income statement for the year. Assume that the company uses variable costing