Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unitt Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Tixed costs per yeart Yixed manufacturing overhead Fixed selling and administrative $ $ $ 10 4 1 1 $340,000 $250,000 During the year, the company produced 34,000 units and sold 16,000 units. The selling price of the company's product is $54 per unit. Required: 1. Assume that the company uses absorption costing: 0. 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 2 Reg 20 Compute the unit product cost. Assume that the company uses absorption costing, Unit product cost Reg 1A Reg 18 > During the year, the company produced 34,000 units and sold 16,000 units. The selling price of the company's product is $54 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 18 Reg 2A Req 28 Prepare an income statement for the year. Assume that the company uses absorption costing HERE 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 10 Variable costs per unit: Manufacturing Direct materiale Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costa per year Fixed manufacturing overhead Pixed selling and administrative $ $ $ 1 1 $340,000 $250,000 During the year, the company produced 34,000 units and sold 16,000 units. The selling price of the company's product is $54 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 16 Reg 2A Reg 28 Compute the unit product cost. Assume that the company uses variable costing Unit product cost 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 Req 2A Req 28 Prepare an income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement
