Lynch Compary manufactures and sells a single product The following costs were incurred during the company's first year of operations: Duming the year, the company produced 21,000 units and sold 17,000 untis. The selling price of the company's product is $40 per unit Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the yeor. 2. Assume that the compary uses variable costng: 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