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: $ 13 S 5 s 1 S 1 Direct materials Direct labor overhead Variable selling and administrative Fuxed costs per year Foxed manufacturing overhead Fioxed selling and administrative $ 320.000 $ 230.000 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 Ass ume that the company uses absorption costing a Compute the unit product cost b Prepare an Income statement for the yesr O Type here to search 2. Assume that the company uses variable costing a. Compute the unit product cost. cost b. Prepare an income statement for the year Vanable Costing Income Statement Variable expenses Fixed expenses