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 $ $ $ $ 11 8 1 1 $420,000 $330,000 During the year, the company produced 30,000 units and sold 25,000 units. The selling price of the company's product is $54 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2A Reg 28 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement $ 1,350,000 able expenses Vanable cost of goods sold 2 THE MOUR Lynch Company Variable Costing Income Statement $ 1,350,000 Sales Variable expenses: Variable cost of goods sold 0 1,350,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 0 Net operating income $ 1,350,000