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 sterials Direct Labor Variable manufacturing overhead Variable selling and dinistrative Fixed costs per year Fidanufacturing overhead Fixed selling and administrative 5 51 51 $ 200,000 $ 200,000 During the year, the company produced 29.000 units and sold 22.000 units. The selling price of the company's product is $42 per unit Required: Assume that the company uses absorption costing: Compute the unit product cost Prepare an income statement for the year 2. Assume that the company uses variable costing Compute the unit product cost b. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. RG LA Reg 10 Red 2 Reg 20 Prepare an Income statement for the year. Assume that the company uses variable coating 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 expenses Fixed manufacturing overhead Fixed selling and administrative 0 Net operating loss CA 0