Lyrsch Company manufactures and seils o single product. The following costs were incurred during the companys first year of operations: During theyeat, the company produced 30,000 units and sold 25,000 units, The seling price of the coetpany's product is 554 per unit Requiled: 1. Assume that the company uses absorption costing a. Compote the unia product cost b. Prepare an income statemeot for the yeat 2 Assume that the company uses variable costing a. Compute the unit product cost b. Prepere an income statement for the year. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses absorption costing. 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. Prepare an income statement for the year. Assume that the company uses absorption costing. 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. Compute the unit product cost. Assume that the company uses variable costing. Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company 20 points Variable Costing income statement eook Hint Pirn \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Lynch Company } & \\ \hline Variable Costing income statement & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}