1 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: 75 points Variable conta per uniti Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Pixed costo per year Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 10 4 1 1 00:36:49 $340,000 $250,000 During the year, the company produced 34,000 units and sold 16,000 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. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 Reg 20 Compute the unit product cost. Assume that the company uses absorption costing Unit product co $ 25 1 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: $ 10 7.5 points $ Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Pixed costs per year i Fixed manufacturing overhead Fixed selling and administrative 1 1 8 00:36:43 $340,000 $250,000 During the year, the company produced 34,000 units and sold 16,000 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 stotement 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. Reg 2A Reg 28 Reg 1A Reg 1B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company QUIZ - CH 06 Saved Help 1 During the year, the company produced 34,000 units and sold 16,000 units. The selling price of the company's product is $54 pe 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. 7.5 points 8 00:36:39 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 absorption costing. Lynch Company Absorption Costing Income Statement Sales $ 680,000 Cost of goods sold 442,000 Gross margin 238.000 Selling and administrative expense 158.000 Net operating income $ 80,000 During the year, the company produced 34,000 units and sold 16,000 units. The selling price of the con 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 Req 2A Req 2B Compute the unit product cost. Assume that the company uses variable costing Unit product cost for the year. 1 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Reg 2B nts Prepare an income statement for the year. Assume that the company uses variable costing 00:36:31 Lynch Company Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold Variable selling and administrative expense 0 0 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 0 0 Net operating income