Lynch lCompany 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 $ 11 Direct labor $ 3 Variable manufacturing overhead $ 1 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead 5 338,606 Fixed selling and administrative $ 240,660 During the year, the company produced 30,000 units and sold 23.000 units. The selling price ofthe company's product is $43 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. Assu me thatthe 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. Req 1A Req 13 Rat] 2A Req ZB Compute the unit product cost. Assume that the company uses absorption costing. Req1B >