Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per units Manufacturing Direct materials Direct labor Varinble manufacturing overhead Variable selling and administrative Fixed costs per year. Fixed manufacturing overhead Pixed selling and administrative S $ $ $ 12 G 3 3 $276,000 $186,000 During the year, the company produced 23,000 units and sold 19,000 units. The selling price of the company's product is $50 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. b. Prepare an income statement for the year