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not sure if this is correct Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of

not sure if this is correct
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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 $320,000 $230, eee During the year, the company produced 32,000 units and sold 17,000 units. The selling price of the company's product is $53 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. Reg 1A Reg 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product costs 29 - Req 1A Reg 1B > Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2A Reg 2B Prepare an income statement for the year. Assume that the company uses absorption costing Lynch Company Absorption Costing Income Statement Sales $ Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 901,000 493,000 408,000 230,000 178,000 Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 2A Reg 2B Compute the unit product cost. Assume that the company uses variable costing..... Unit product cost $ 19 Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Reg 2A Reg 28 Prepare an income statement for the year. Assume that the company uses variable costing. $ 901,000 Lynch Company Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold $ 323,000 Variable selling and administrative expense 17,000 340,000 561,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expense 320 230,000 230,320 330,680 Net operating income $ (Reg 2A Req 2B)

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