Lynch Company manufactures and sells a single product. The following costs were incurred during the company$$s first year of operations:$$Variable costs per unitManufacturing:$$Direct materials: $$1$Direct labor: $$3$Variable manufacturing overhead: $$1$Variable selling and administrative: $$1$Fixed costs per yearFixed manufacturing overhead: $$330,000$Fixed selling and administrative: $$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 costing:a$.$ Compute the unit product cost.b$.$ Prepare an income statement for the year$\mathrm{.}2.$ Assume that the company uses variable costing:a$.$ Compute the unit product cost.b$.$ Prepare an income statement for the year.