Lynch Company manufactures and solls a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 31,000 units and sold 26,000 units. The selling price of the company's product is $55 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. (3) Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses absarption costing. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's firs operations: During the year, the company produced 31,000 units and sold 26,000 units. The selling price of the company's produ 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Assulow weque company uses absorption costing. a. Compute the unit product cost. b. Prepare an income statement for the year. ( Answer is not complete. Complete this question by entering your answers in the tabs below. Compute the unit product cost. Assume that the company uses variable costing Aequited: 1. Assume that the compeny uses obsorption costing a Compute the unit product cost. b. Prepare an kcome thatement for the year 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepire an incomat statement for the year ( Answer is not complete. Cemplete this question by entering rour answers in the tabs belown Prepare an income statement for the year. Aspume that the company uses variable costin Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the yeat, the company produced 31,000 units and sold 26,000 units. The selling price of the company's product is $55 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
