Help Save & EX Submit 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 $ 13 5 le Variable manufacturing overhead 53 Variable selling and administrative 53 Fixed costs per years Fixed manufacturing overhead $352,600 Fixed selling and administrative 1 262.000 During the year, the company produced 32,000 units and sold 27000 units. The selling price of the company's product is $56 perunt 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. is aha soid 27,000 units. The selling price or the companys product is 350 p 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 Reg 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost Req 1B > Validie 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 1B Reg 2A Reg 28 Prepare an income statement for the year, Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses variable costing Unit product cost Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement