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 13 1 1 F Fived per year: Fixed selling and administrative overhead $288,000 $198,000 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: . 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 Req 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost Req 2A Req 2B Req 1A Req 1B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Req 1A Req 2A Req 1A Req 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses variable costing Unit product cost Req 1B Req 2B 02:24:08 Req 2A Req 1A Req 1B Req 2B Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement X Lindon Company is the exciusive r Tor an automotive product trhat 4.00 per unit and has a CM ratio of 30% , Theo company's fixed expenses ar company plans to units this year. 800 per year. Required What are the variable expenses per unit? (Round your "per unit" answer 2. What is the break-even point in unit saless and in dollar sales? o 2 decimal places.) of $151.80 ? 4. Assume that by using a more efficient shipper, the company is able to reduce its variable expenses by $4.40 per unit. What is the company's new break-even point in unit sales and in dollar sales? What dollar sales is required to attain a target profit of $151,800? 1 Variable expense per unit 2 Break-even point in units Break-even point in dollar sales 3. Unit sales needed to attain target profit Dollar sales needed to attain target profit New break-even point in unit sales 4 New break-even point in dollar sales Dollar sales needed to attain target profit