Lynch Company manufactures and sells a single product. The following costs were incurred during the company's rst year of operations: Variable costs per unit: Manufacturing: Direct materials $ 12 Direct labor $ ? Variable manufacturing overhead $ 2 Variable selling and administrative $ 2 Fixed costs per year: Fixed manufacturing overhead 5 248,600 Fixed selling and administrative 5 153,366 During the year, the company produced 31,000I units and sold 21,000 units. The selling price of the company's product is $44 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. 2. Assu me 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 labs below. Req 1A Req 13 Req 2A Req 23 Prepare an income statement for the year. Assume that the company uses variable costing