help with Req 1-4

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 $ 10 Direct labor $4 Variable manufacturing overhead $1 Variable selling and administratin $1 Fixed costs per years Fixed manufacturing overhead $ 211,000 Fixed selling and administrative $ 141,000 During the year, the company produced 21.000 units and sold 17,000 units. The selling price of the company's product is $40 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. Req IA Reg 13 Red 2A Reg 21 Compute the unit product cost. Assume that the company uses absorption costing Unit produce cost Reg 10 > 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 13 RegZA Req 28 Prepare an income statement for the year. Assume that the company uses absorption costing, Lynch Company Absorption Costing Income Statement Lynch Company manufactures and sells a single product. The following costs were incurred during the compar operations: Variable costs per unit: Manufacturing: Direct materials $ 10 Direct labor $4 Variable manufacturing overhead $1 Variable selling and administrative $1 Fixed costs per year: Fixed manufacturing overhead $ 231,000 Fixed selling and administrative $ 141,000 During the year, the company produced 21,000 units and sold 17,000 units. The selling price of the company's pro 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 18 Reg 2A Reg 28 Compute the unit product cost. Assume that the company uses variable costing Unit product cost U UUUUU Lui 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 Req 1B Reg 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement