Lynch Company manufactures and sells a single product. The following costs were incurred during the company's rst year of operations: Variable costs per unit: Manufacturing: Direct materials $ 11 Direct labor 5 3 Variable manufacturing overhead $ 1 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead 5 338,609 Fixed selling and administrative 5 240,666 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. RBI] 1!! RBI] 13 RBI] 2A RBI] ZB Prepare an income statement for the year. Assume that the company:r uses absorption costing. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials $ 11 Direct labor $ 3 Variable manufacturing overhead $ 1 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead $ 338,060 Fixed selling and administrative $ 248,008 During the year, the company produced 30,000 units and sold 23000 units. The selling price ofthe company's product is $43 per unit. Required: 1. Assume thatthe 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 lB Req 2A Req 23 Lynon Company manufactures and sells a single product. The following costs were incurred during the company's list yedi UI operations: Variable costs per unit: Manufacturing: Direct materials $ 11 Direct labor $ 3 Variable manufacturing overhead ta ta ta 1 Variable selling and administrative 1 Fixed costs per year: Fixed manufacturing overhead $ 330,000 Fixed selling and administrative $ 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 Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement