Lynch Company manufactures and sells a single product. The following costs were incutred during the company's first year of operations: During the year, the company produced 25,000 units and sold 21,000 units. The selling price of the company's product is $47 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the yeat. 2. Assume that the company uses variable costing: a. Compute the unit product cost b. Prepare an income statement for the yeat. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assume that the company uses variable costing. During the year, the company produced 25,000 units and sold 21,000 units. The selling price of the company's product is $47 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. Prepare an income statement for the year. Assume that the company uses variable costing. During the year, the company produced 25,000 units and sold 21,000 units. The selling price of the company's product is $47 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. Compute the unit product cost. Assume that the company uses absorption costing. 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 usos variable costing: a. Compute the unit product cost. b. Prepare an income statement for the yeat. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assume that the company uses absorption costing. During the year, the company produced 25,000 units and sold 21,000 units. The selling price of the company's product is $47 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. Compute the unit product cost. Assume that the company uses variable costing. Prepare an income statement for the year. Assume that the company uses variable costing
