Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 33,000 units and sold 15,000 units. The selling price of the company's product is $52 per unit. 1. Assume the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year