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 $ 8 Variable manufacturing overhead $ 1 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead $ 426,660 Fixed selling and administrative $ 336,900 During the year, the company produced 30,000 units and sold 25,000 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. Assu me that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this quution by entering your answer: in the tab: below. Red in Red 13 Red 2A Req 25 Compute the unit product cost. Assume that the company 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 $ 8 Variable manufacturing overhead $ 1 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead $ 426,969 Fixed selling and administrative $ 336,660 During the year, the company produced 30,000 units and sold 25,000 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. Assu me that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this quaon by entering your answers in the tab: below. Req 1A Req 1e Req 2A Req 25 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 $ 8 Variable manufacturing overhead $ 1 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead $ 426,660 Fixed selling and administrative $ 336,900 During the year, the company produced 30,000 units and sold 25,000 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. Assu me that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this quution by entering your answer: in the tab: below. Red in Red 13 Req 2A Req 25 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 $ 8 Variable manufacturing overhead $ 1 Variable selling and administrative $ 1 Fixed costs per year: Fixed manufacturing overhead $ 426,869 Fixed selling and administrative $ 336,699 During the year, the company produced 30,000 units and sold 25,000 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: Assu me that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this quaon by entering your answers in the tab: below. ReqlA Requ Req2A Requ