Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations:

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During the year, the company produced $29,000$ units and sold $22,000$ 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.

Req $1A$

Reg$1B$

Req $2$ A

Req $2B$

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

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