help need plz ! 1b and 2B

Exercise 7-6 (Algo) Variable and Absorption Costing Unit Product Costs and Income Stateme LO7-2] 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 Fixed selling and administrative $360,000 $ 270,000 During the year, the company produced 36,000 units and sold 18,000 units. The selling price of the company's product is $55 per unit $ 12 $5 $1 $1 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Answer is not complete. Lynch Company Absorption Costing Income Statement Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income Prepare an income statement for the year. Assume that the company Req 2B $ 990,000 990,000 $ 990,000 Req 1A Reg 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