Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per uniti Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year. Pixed manufacturing overhead Pixed selling and administrative $ $ $ $ 8 1 1 $420,000 $ 330,000 During the year, the company produced 30,000 units and sold 25,000 units. The selling price of the company's product is $54 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