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Struggling here with the Variable Costing Income Statement. Thanks! Lynch Company manufactures and sells a single product. The following costs were incurred during the company's

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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: Variable costs per unit Manufacturing: Direct materials 10 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses 340,000 $250,000 During the year, the company produced 34,000 units and sold 16.000 units. The selling price of the company's product is $54 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 Lynch Company Variable Costing Income Statement $864,000 Sales Variable expenses Beginning merchandise inventory Variable cost of goods sold

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