Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: points Reference Variable costs per unit: Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overheid Fixed selling and administrative During the year, the company produced 31000 units and sold 21.009 unitsThe selling price of the company's product is $44 per unit Required: 1. Assume that the company uses option 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 Req 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost Reg 1B > 2. Assume that the company uses variable costing: a. Coi pute the unit product cost. b. Prepare an income statement for the year. Ants Complete this question by entering your answers in the tabs below. eBook Print Req 1A Re:q1B Req 2A Req 28 References Prepare an income statement for the year. Assume that the company uses absorption Lynch Company Absorption Costing Income Statement Req 1A Req 2A > Prey 4 of 5 Nex 6. PUC U ULICULL COSI. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req28 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement 2. Assume that the company uses variable costing: a. Coi pute the unit product cost. b. Prepare an income statement for the year. Ants Complete this question by entering your answers in the tabs below. eBook Print Req 1A Re:q1B Req 2A Req 28 References Prepare an income statement for the year. Assume that the company uses absorption Lynch Company Absorption Costing Income Statement Req 1A Req 2A > Prey 4 of 5 Nex 6. PUC U ULICULL COSI. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req28 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement