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 $ 300,000 Fixed selling and administrative $ 190,000 During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is 850 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 6. Prepare an income statement for the year