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 manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative 11 B 1 1 $ $420.000 $330,000 During the year, the company produced 30,000 units and sold 25,000 units. The selling price of the company's product is $54 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. Complete this question by entering your answers in the tabs below. Red IA Reg 18 Reg 2A Reg 28 Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold Variable selling and administrative expense 0 0 Fixed manufacturing overhead Fixed seling and administrative expense Net operating income 0 $ 0