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000 points Exercise 6-6 Variable and Absorption Costing Unit Product Costs and Income Statements (L061, LO6-2 Lynch Co company's first year of operations: mpany manufactures and sells a single product. The following costs were incurred during the Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative S 4 Fixed costs per year: Fixed manufacturing overhead Fixed selling and sdministrative S 141000 During the year, the company produced 21,000 units end sold 17,000 units. The seling price of the company's product is 340 per unit Required: 1. Assume that the company uses absorptionosne a Compute the unit produet cost Prepare an income statement for the year Lynch Company Absorption Costing Income Statement 2. Assume that the company uses variable costing s. Compute the unit produot cost Unit produet cost