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 $ 12 Direct labor $ 3 Variable manufacturing overhead 51 Variable selling and administrative $1 Fixed costs per year: Fixed manufacturing overhead $ 324,000 Fixed selling and administrative $ 234,000 During the year, the company produced 27,000 units and sold 23,000 units. The selling price of the company's product is $42 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. Reg 1A Reg 1B Reg 2 Reg 2B Compute the unit product cost. Assume that the company uses absorption acting