Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations $ $ 12 7 Variable costs per unit: Manufacturing: Direct materials Direct labor Variable sanufacturing overhead Variable selling and administrative Fixed costs per year! Fixed manufacturing overhead Fixed selling and administrative NNU 5248,000 $158,000 During the year, the company produced 31,000 units and sold 21,000 units. The selling price of the company's product is $44 per un 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 Reg 28 Prepare an income statement for the bear . Assume that the company uses absorption costing, Lynch Company frosting Income Statement