Lynch Company manufactures and sells'a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company/s product is $61 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