Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations $ $ 11 3 1 Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per years Fixed manufacturing overhead Fixed selling and administrative $330,000 $240,000 During the year, the company produced 30,000 units and sold 23,000 units. The selling price of the company's product is $43 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 Req 18 Reg 2A Reg 28 Compute the unit product cost. Assume that the company uses absorption costing. Unit product cost Reg Req 18> Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations 11 $ $ 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 1 $ $330,000 $240,000 During the year, the company produced 30,000 units and sold 23,000 units. The selling price of the company's product is 543 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 1B Reg 2A Reg 2B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations 5 $ 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 11 3 1 1. $ $330,000 $240,000 During the year, the company produced 30.000 units and sold 23,000 units. The selling price of the company's product is $43 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 Reg 2A Reg 28 Compute the unit product cost. Assume that the company uses variable costing. Unit product cost During the year, the company produced 30,000 units and sold 23,000 units. The selling price of the company's product is $43 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 1B Reg 2A Reg 2B Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement