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Lynch Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations Variable costs per unit 14 $5 Variable manufacturing overhead 1 Variable selling and administrative Fixed costs per year: $264.000 Fixed manufacturing overhead Fixed selling and administrative 174.000 During the year, the company produced 33,000 units and sold 15,000 units. The selling price of the company's product is $52 per unit. Required: 1. Assume that the company uses absorption costing: a Compute the unit product cost. Prepare an income statement for the year. Lynch Company Absorption Costing Income Statement