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 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. Ret Red 18 Reg 2 Reg 28 Compute the unit product cost. Assume that the company uses absorption costing. Unit product cont Req 18 > 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 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. Red LA Reg 1B Req 2A Reg 26 Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement (Reg 1A Req ZA 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 Fixed costs per yeart 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. Reg 1A Reg 18 Reg 28 Compute the unit product cost. Assume that the company uses variable costing Un product
