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 $1e Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead $340,008 Fixed selling and administrative expenses $258,e8e During the year, the company produced 34,000 units and sold 16,000 units. The selling price of the company's product is $54 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 Ren 1R Prev 1 of 4 Next>