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 5.11 Direct labor 5.5 Variable manufacturing overhead $.2 Variable selling and administrative Fixed costs per year: 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 ces 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. RA Reg 10 Reg 2A Reg 2