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 $27,000$ units and sold $23,000$ units. The selling price of the company's

product is $$42$ per unit.

Required:

Assume that the company uses absorption costing:

a$.$ Compute the unit product cost.

b$.$ Prepare an income statement for the year.

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 that the company uses absorption costing. Required:

Assume that the company uses absorption costing:

a$.$ Compute the unit product cost.

b$.$ Prepare an income statement for the year.

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 $1$B

Req $2A$

Req $2$B

Prepare an income statement for the year. Assume that the company uses absorption costing. During the year, the company produced $27,000$ units and sold $23,000$ units. Ihe selling price of the company's

product is $$42$ per unit.

Required:

Assume that the company uses absorption costing:

a$.$ Compute the unit product cost.

h Pronaro an income statement for the year.

Assessment Tool iFrame ie 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 $1$B

Req $2A$

Req $2$B

Compute the unit product cost. Assume that the company uses variable costing

Unit product cost $10$

Assume that the company uses absorption costing:

points

a$.$ Compute the unit product cost.

b$.$ Prepare an income statement for the year.

Assume that the combanv uses variable costing:

a$.$ Comp Assessment Tool iFrame t$.$

b$.$ Prepare an income statement for the year.

Complete this question by entering your answers in the tabs below.

Req $1A$

Req $1$B

Req $2A$

Req $2$B

Prepare an income statement for the year. Assume that the company uses variable costing

Rec $28$: