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Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: ariable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative S 12 Flxed costs per year Flxed manufacturing overhead Flxed selling and administrative S 308,000 S 218,000 During the year, the company produced 28,000 units and sold 15,000 units. The selling price of the company's praduct is $56 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. Lynch Company Absorption Costing Income Statement 2. Assume that the company uses variable costing: a. Compute the unit praduct cost. b. Prepare an income statement for the year. Lynch Company Variable Costing Income Statement Variable expenses: Fixed expenses