1 and 2

\begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Lynch Company } \\ \hline Absorption Costing Income Statement \\ \hline \hline \\ \hline \end{tabular} 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 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 varible costing a. Compute the unt product cost. b. Prepare an income statement for the year, NOTE You wil have a BLANK LINE prior to your cost totals on the vanable costing income statement to format correctly in the connect system. Lynch Company Variable Costing Income Statement