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 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $ $ $ 11 4 1 1 $308,000 $218,000 During the year, the company produced 28,000 units and sold 24,000 units. The selling price of the company's product is $41 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. Red LA Reg 18 Reg 2 Reg 28 Compute the unit product cost. Assume that the company uses absorption costing Unit productos Reg 10 > During the year, the company produced 28,000 units and sold 24,000 units. The selling price of the company's product is $41 per 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 18 Reg 2A Reg 28 Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Req1A Reg 2A > aded Homework Help 11 4 Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative 1 $300,000 $218,000 During the year, the company produced 28,000 units and sold 24.000 units. The selling price of the company's product is $41 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 enteling your answers in the tabs below. RGIA Ben 10 Red 2A Reg 28 Compute the unit product cont. Assume that the company es variable costing Unit producto 1910 Req20 > 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 IA Req 18 Req ZA Reg 28 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement