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Exercise 7.6 (Algo) Veriable and Absorption Costing Unit Product Costs and Income Stotements [LO7-1, [07-2] Lynch compary manufactures and sells a single product. The followino costs were incurred during the company's first year of operations: During the year, the compary produced 32,000 units and sold 17,000 unats. The seling price of the companys product is $53 per unit: Required: i Aswane that the company uses absorption costing. a. Compute the une product cost b. Piepare an inconse statement for the yesi 2. Assume that the compaby uses variable coiting A. Compute the unit product cost: b. Prepare an income statemens for the year Complete this question by entering your answers in the tabs below. Compute the unit product cont. Asume that the cermpany uses absorptes couting