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: Marufacturinga Direct materials 14 Direct Labor ped Variable manufacturing overhead Variable selling and administrative Pixed costs per year: Fixed manufacturing overhead Pixed selling and adninistrative expenses 264,000 $174,000 int rint During the year, the company produced 33,000 units and sold 15,000 units. The selling price of the company's product is $52 rences 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 comnanv uses variable costing