Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: 12 Variable costs per units Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Pixed costs per year! Fixed manufacturing overhead Fixed selling and administrative 3 3 $276,000 $185,000 During the year, the company produced 23,000 units and sold 19,000 units. The selling price of the company's product is $50 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. Reg LA Reg 1B Red 2A Reg 20 Compute the unit product cost. Assume that the company uses absorption costing Unit product cost Raq 18> During the year, the company produced 23,000 units and sold 19,000 units. The selling price of the company's product is $50 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. Reg 1A Reg 15 Reg 2A Req 28 Prepare an income statement for the year. Assume that the company uses absorption costing Lynch Company Absorption Couting Income Statement 0 0 During the year, the company produced 23,000 units and sold 19,000 units. The selling price of the company's product is $50 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. Reg 1A Reg 1B Red 2A Reg 28 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement 0 0 0