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

$10$

points$$14$$$3$$$1$$$1$$$290,000$$$200,000$

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$1A$

Req $1$B

Req $2B$

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

$\backslash$table$[[,$Lynch Company$],[,$Variable Costing Income Statement$],[,,],[,,],[,1,],[,$E$.,],[,$L$,],[,$Co$,0],[,,0],[,,],[,$l$,],[,,],[,$L$,],[,7,0],[,,$$$,$