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 $ S $ $ 12 3 1 1 $324,000 $234,000 During the year, the company produced 27.000 units and sold 23,000 units. The selling price of the company's product is $42 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 cast b. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. GIA Hea 1 R2A Reg 28 Compute the unit product cost. Assume that the company use absorption conting