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 $36,000$ units and sold $18,000$ units. The selling price of the company's product is $$55$ per unit.

Required:

Assume the company uses absorption costing:

a$.$ Compute the unit product cost.

b$.$ Prepare an income statement for the year.

Assume 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.

Required $1A$

Required $1B$

Required $2A$

Required $2B$