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 nanufacturing overhead Fixed selling and administrative 1 $231,000 $141,000 During the year, the company produced 21000 units and sold 17,000 units. The selling price of the company's product is $40 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. Req 1A Reg 1B Req 2A Reg 2B Compute the unit product cost. Assume that the company uses absorption costing, Unit product cost Complete this question by entering your answers in the tabs below. Regia Reg 1B Reg 2 Reg 28 Prepare an income statement for the year. Assume that the company uses absorption costing." Lynch Company Absorption Costing Income Statement Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Reg 2 Req 20 Compute the unit product cost. Assume that the company uses variable costing Unit product cost Complete this question by entering your answers in the tabs below. Regia Reg 18 Reg 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement