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 Direct labor Variable sanufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative 5 5 S 15 5 1 1 $256, $196,000 During the year, the company produced 26.000 units and hold 22.000 units. The selling price of the company's product is 546 per unit Required 1. Assume that the company uses absorption conting 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 b. Prepare an income statement for the yeat Complete this question by entering your answers in the tabs below. Beg LA Regin Reg 26 Compute the unit product cont. Assume that the company absorption costing