Lynch company manufactures and sells a a single product. The folowing costs were incurred during the incurred company's year of operations Variable costs per unit 10 $4 1 Variable manufacturing overhead 1 Variable seling and administrative costs per year: s 340,000 $250,000 Fixed selling and administrative company produend30000 unns.nd sold 10 000 units me Piceof the During the year, company's prod is 54 per un Required 1. Assume that the company uses absorption costing a. Compute the unit product cost Unit product cost b. Prepare an income statement for the year. ynch Company Absorption Costing Income Statement 2. Assume that the company uses variable costng a. Compute the unit product cost