Cost per unit using absorption costing and preparing an income statemnt using absorption costing.

Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 29,000 units and sold 22,000 units. The selling price of the company's product is $42 pe 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 vatiable 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. Prepare an income statement for the year. Assume that the company uses absorption costing