Lynch Company manufactures and sells a single product. The following costs were Incurred during the company's first year of Variable costs per unit Manufacturing Direct materials 13 16 Direct labor Variable manufacturing overhead Variable selling and adninistrative Fixed costs per year: Fixed nanufacturing overhead Fixed selling and administrative $352,888 $262,880 During the year, the company produced 32,000 units and sold 27,000 unlts. The selling price of the company's product is $56 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unlt product cost. b. Prepare an Income statement for the year. 2. Assume that the company uses varlable costing: a. Compute the unlt product cost. b. Prepare an Income statement for the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable costing. Variable Costing Income Statement ra ble expenses Variable cost of goods sold Variable selling and expens