Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $320.00 $230, eee During the year, the company produced 32,000 units and sold 17,000 units. The selling price of the company's product is $53 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