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Helpppp please Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations Variable costs per

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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 Variable manufacturing overhead Variable selling and administrative $6 $9 $3 $ 4 Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $ 300,000 $190,000 During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is $50 per unit Required: 1. Assume that the company uses absorption costing a. Compute the unit product cost Unit product cost 30: b. Prepare an income statement for the year Lynch Company Absorption Costing Income Statement S 1,000,000 Sales Cost of goods sold Gross margin Total selling and administrative expense Net operating income 1,000,000 S 1,000,000

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