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 $ 1 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing warhead 5 336,366 Fixed selling and administrative $ 246,060 'bt- HHLHH During the year, the company produced 30,000 units and soid 23,000 units. The selling price ofthe 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. 2. Assume that the company uses variable costing: a. Compute the unit product cost. 3. Prepare an income statement for the year. Complete this question by entering your answers in the labs below. Req 1A Req 13 Res] 2A Req 23 Prepare an income statement for the year. Assume that the company uses variable costing