Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: kipped 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 eBook $385,000 $295,000 Hint Print References During the year, the company produced 35,000 units and sold 17,000 units. The selling price of the company's product is $58 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. 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. Sipped Complete this question by entering your answers in the tabs below. eBook Hint Reg 1A Reg 1B Req 2A Req 2B Print Compute the unit product cost. Assume that the company uses absorption costing. ferences Unit product cost Reg 18 > -..-puro HICHIC Salement for the year. Complete this question by entering your answers in the tabs be ed Req 1A Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses rences Lynch Company Absorption Costing Income Statement 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. Req 1A Req 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses variable costing Unit product cost Req 1A Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable C Lynch Company Variable Costing Income Statement