Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: $ S 12 3 Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative 1 $324,000 $234,000 5 During the year, the company produced 27.000 units and sold 23,000 units. The selling price of the company's product is $42 per unit. Required: Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement $ 966,000 Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expense Purchases 0 966,000 Fixed manufacturing overhead Fixed selling and administrative Net operating income 0 $ 966,000 Req 2A RO