Lynch Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations: Variable costs per unit: Manufacturing: Direct materials$ $10$Direct labor$ $4$Variable manufacturing overhead$ $1$Variable selling and administrative$ $1$Fixed costs per year: Fixed manufacturing overhead$ $231,000$Fixed selling and administrative$ $141,000$ During the year, the company produced $21,000$ units and sold $17,000$ units. The selling price of the companys 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$\mathrm{.}2.$ Assume that the company uses variable costing:a$.$ Compute the unit product cost.b$.$ Prepare an income statement for the year.