Exercise 7.6 (Algo) Variable and Absorption Costing Unit Product Costs and Income Statements [LO7-1, LO7-2] 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 23,000 units and sold 19,000 units. The sellitg price of the company's product is $50 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepore 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