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 manufacturing overhead xed selling and administrative $ $ $ 5 12 4 2 2 $370,00 $200,000 During the year, the company produced 37000 units and sold 18,000 units. The selling price of the company's product is $55 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 Requirea: 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 Red 2A Reg 28 ces Compute the unit product cost. Assume that the company uses absorption costing Unit product cost Req 18> Complete this question by entering your answers in the tabs below. OK ht Req 1A Reg 1B Req 2A Req 28 int Compute the unit product cost. Assume that the company uses variable costing. rences Unit product cost 6 Reg 1A Reg 1B Req 2A Reg 28 Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement oints eBook Hint References