Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per units Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Tixed costs per year! Tixed manufacturing overhead Tixed selling and administrative $ $ $ $ 13 10 1 3 $352,000 $262,000 During the year, the company produced 32,000 units and sold 27,000 units. The selling price of the company's product is $56 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 18 Reg 2A Req 20 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement