Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $ 12 $ 7 $ 2 $ 2 $ 248,000 $ 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 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable costing Sales Variable expenses: Lynch Company Variable Costing Income Statement $ 924,000 Variable cost of goods sold Variable selling and administrative expense Contribution margin < Req 2A 0 924,000 0 $ 924,000 Req 2B >