income statment needed for both variable and absorption

Lynch Compary manufactures and selis a single product. The following costs were incurred during the company/s first year of operations: Duting the year, the company produced 24,005 units and sold 20,000 units. the selling price of the compocy's product is 548 per un Required: 1. Assume that the compony 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. Pregare an income statement for the year. Complete this question by nntering your answers in the tabs below. Presare an income statemont for the vear. Assume that the company uses absorpten costing. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first yeat of operations: During the year, the company produced 24,000 units and sold 20,000 units. The selling price of the company's product is $48 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. Prepare an income statement for the year. Assume that the company uses variable costing