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

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:

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 $1$A Req $1$B Req $2$A:

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

Unit product cost