Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costa per unit: Manufacturing Direct materials Direct labor Variable sangfacturing overhead Variable selling and administrative Tixed costs per years Tixed manufacturing overhead Fixed selling and administrative 1 $ $ $280,000 $198,000 During the year, the company produced 24,000 units and sold 20,000 units. The selling price of the company's product is $48 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. Req1A Reg 10 Reg 2A Reg 28 Compute the unit product cost. Assume that the company uses absorption costing Unit product cost Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2A Reg 28 Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2A Req 28 Compute the unit product cost. Assume that the company uses variable costing Unit product cost