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 Fixed selling and administrative $ $ $ 12 2 1 1 $330.000 $240,000 During the year, the company produced 30.000 units and sold 23.000 units. The selling price of the company's product is $43 per unit Required 1. Assume that the company uses absorption coating 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 14 Reg 12 Rey 2A Reg 20 Prepare an income statement for the year. Assume that the company uses variable costing. S 969.000 Lynch company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold S 345,000 Variable selling and administrative expense 23.000 Fixed manufacturing overhead 33,000 401,000 588.000 $ 588,000