Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 36,000 units and sold 18,000 units. The selling price of the company's product is $55 per uni 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. NOTE: You will have a BLANK LINE prior to your cost totals on the variable costing income statement to format correctly in the Connect system