Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 10 4 2 2 $374,000 $284,000 During the year, the company produced 34,000 units and sold 26,000 units. The selling price of the company's product is $44 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 ho