Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations 12 Variable costs per unit Manufacturing Direct saterials Direct labor Variable sanufacturing overhead Variable selling and adeinistrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative 2 2 $370,00 $200,000 During the year, the company produced 37,000 units and sold 18.000 units. The selling price of the company's product is $55 per unit Required: 1. Assume that the company uses absorption costing 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. Heg 1 Reg 16 RG2A Reg 2n Check my w During the year, the company produced 37.000 units and sold 18.000 units. The selling price of the company's product is 555 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 Ite 20 Prepare an income statement for the year. Assume that the company was absorption costing, Lynch Company Absorption Conting Income tatement Sales Cost of goods sold Gross margin 0 Pred manufacturing overead Net operating income $ 0 Ren1 Heg 2A > elloos During the year, the company produced 37,000 units and sold 18,000 units. The selling price of the company's product is $55 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 Rea 10 Reg 2A Req 25 Compute the unit product cost. Assume that the company uses variable casting Rou Reg Reg 2 Reg 20 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Var Castagnement 0 0 0 0