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 33,000 units and sold 15,000 units. The selling price of the company's product is $52 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 yeaf. 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 manutactures and sells a single product. Ine tollowing costs were incurred during the company 5 first year of mnorations: 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. numam an income statement for the year: Assume that the company uses absorption costing. Lynch Company manutactures and selis a single product. I he following costs were incurred during the companys tust year of operations: During the year, the company produced 33,000 units and sold 15,000 units. The selling price of the company's product is $52 per un 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 variable costing. Lynch Company manutactures and sells a single product. I he following costs were incurred during the companys first year of operations: During the year, the company produced 33,000 units and sold 15,000 units. The selling price of the company's product is $52 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. Prepare an income statement for the year. Assume that the company uses variable costing