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 $11 Direct labor Variable manufacturing overhead 52 Variable selling and administrative $2 Fixed costs per years Fixed manufacturing overhead $ 350,000 Fixed selling and administrative $ 260,000 During the year, the company produced 35,000 units and sold 25,000 units. The selling price of the company's product is $46 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 1A Reg 18 Roq 2A Red 28 Compute the unit product cost. Assume that the company uses absorption costing, Unit productos During the year, the company produced 35,000 units and sold 25,000 units. The selling price of the comp 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. Req 1A Req 1B Reg 2A Req 2B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement During the year, the company produced 35,000 units and sold 25,000 units. The selling price of the ca 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. Req 1A Req 18 Req 2A Reg 28 Compute the unit product cost. Assume that the company uses variable costing Unit product cost b. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2A Reg 28 Prepare an income statement for the year. Assume that the company uses variable costing es Lynch Company Variable Costing Income Statement