Having a hard time setting up this problem. Any help is greatly appreciated!

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 $380, 000 Fixed selling and administrative $290,000 During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 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 Reg 1B Reg 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product costComplete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 2A Req 2B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement 0Reg 1A Req 1B Req 2A Req 28 Compute the unit product cost. Assume that the company uses variable costing. Unit product costReg 1A Reg 1B Reg 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable Lynch Company Variable Costing Income Statement 0