Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the yeor, the company produced 26,000 units and sold 22,000 units. The selling price of the company's product is $46 per unit. Required: 1. Assume that the compony 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: o. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 26,000 units and sold 22,000 units. The selling price of the company's product is $46 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. Compute the unit product cost. Assume that the company uses absorption costing. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's tirst year of operations: During the yeat, the company produced 26,000 units and sold 22,000 units. The seling price of the companys product is $46 per unit. Required: 1. Assume that thie company uses absorption costing: a. Compute the unit product cost. b. Prepore on income statement for the year. 2. Assume thot 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. Compute the unit product cost. Assume that the company uses variable costing. Required: 1. Assume that the company uses absorption costing a. Compute the unit prexluct cost. b. Prepare an income statement for the year. 2 Assume thet the company uses variable costing a. Comgute the unit product cost b. Prepare an income stavement for the year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the reas. Assume that the cempany uses variable costing