Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: RESTRE TEA s Variable costs per un Manufacturing Direct materiale Direct labor Variable manufacturing overhead Variable selling and administrative Fixed coste per year. Fixed manufacturing overhead Fixed selling and administrative wind overhead PS SI S . $ 264,000 $174.000 During the year, the company produced 22,000 units and sold 18,000 units. The selling price of the company's product is $45 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 1A Reg 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing Unit product cost Req13 > Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: ES Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $264,000 $174,000 During the year, the company produced 22,000 units and sold 18,000 units. The selling price of the company's product is $45 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 1A Req 1B Red 2A Req 2B Prepare an income statement for the year. Assume that the company uses absorption costing, Lynch Company Absorption Costing Income Statement w 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 Manufacturingt Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative During the year, the company produced 22,000 units and sold 18,000 units. The selling price of the company's product is $45 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. unit product cost... b. Prepare an income statement for the year. Complete this question by entering your answers in the Reg 1A Reg 18 Reg 28 Compute the unit product cost. Assume that the company uses variable costing Unit product cost Reg 1B Req2B > Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costa per unitt Manufacturing TE Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $260.000 $174,000 During the year, the company produced 22,000 units and sold 18,000 units. The selling price of the company's product is $45 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 wers tab. elos Req 2A Real Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement 3 | / / /
