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

operations:

Vartable costs per undt:

Manufacturing:

Offect moted als

Oirect labor

Variable manufacturing overhead

Vardable selling and adindintstrative

Fixed costs per year:

Fixed manufacturing overhead

Flixed sellieg and adeindstrative

During the year, the company produced $38,000$ units and sold $18,000$ units. The selling price of the company's product is $$61$ per unit.

Required:

Assume the company uses absorption costing:

a$.$ Compute the unit product cost.

b$.$ Prepare an income statement for the year.

Assume 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$2A$

Reg $2$B

Compute the unit product cost. Assume the company uses absorption costing.

Unit product oost

Req $1$A

Req $2A$

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

Complete this question by entering your answers in the tabs below.

Rea $1$A

Req $18$

Req $2B$

Compute the unit product cost. Assume the company uses variable costing

Init product cost

Reg $1$A

Req $18$

Reg $2$A

Req$28$

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