Need to finish the income statement for the year. Thank you!

Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 14 8 2 2 $250,000 $160,000 During the year, the company produced 25,000 units and sold 21,000 units. The selling price of the company's product is $47 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost 34 Reg 1A Reg 1B Req 2A Reg 2B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Sales $ 987,000 714,000 273,000 Cost of goods sold Gross margin Selling and administrative expense Net operating income 202,000 $ 71,000 Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2A Reg 2B Compute the unit product cost. Assume that the company uses variable costing Unit product cost $ 24 Reg 1A Req 1B Req 2A Reg 2B Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement Sales $ 987,000 Variable expenses: Variable cost of goods sold Variable selling and administrative expense 0 Contribution margin 987,000 Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 0 Net operating income $ 987,000