Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 35,000 units and sold 25,000 units. The selling price of the company's product is $46 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. Compute the unit product cost. Assume thot the company uses absorptien costing. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 35,000 units and sold 25,000 units. The selling price of the company's product is $46 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an Income statement for the yeac. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare on income statement for the year. Complete this question by entering your answers in the tabs below. Prepare an income-statement for the yeaf. Assume that the company uses absorption costing. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company manutactures and sells a single product. the tollowing costs were incurred during the company's tirst year of operations: During the year, the company produced 35,000 units and sold 25,000 units. The selling price of the company's product is $46 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the yeat. 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. Compute the unit product cost. Assurne that the company uses variable costing. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 35,000 units and sold 25,000 units. The selling price of the company's product is $46 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 use-t variable costing. Prepare an income statement for the year. Assume that the company uses variable costing
