Seeking help on how to figure out the attached problem set. Thank you.

Lynch Company manufactures and sells a single product. The following costs were incurred during the compaan rst year of operations: Variable costs per unit: Manufacturing: Direct materials 5 11 Direct labor 3 4 Variable manufacturing cverhead 5 1 Variable selling and administrative S 1 Fmed costs per year: Fmed manufacturing overhead 3 300,000 Fmed selling and administrative 5 210,000 During the year, the company produced 28,000 units and sold 24,000 units. The selling price of the company's product is $41 per unit. Requlred: 1. Assume that the company uses absorption costing: 3. Compute the unit product cost. _:I b. Prepare an income statement for the year. _ _a_ _ 2. Assume that the company uses variable casting: a. Cempute the unit product east. i b. Prepare an income statement for the year. 1Illariable expenses: 1lulariable east at geeds selrl Centributien margin Fixed expenses: Fixed manufacturing everhead Fixed selling and administrative expense Met operating ineeme