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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 ta ta ta ta $320,000 $230,000 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. Req 1A Req 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses absorption costing. Unit product costs 30 Reg 1A Req 1B Req 2A Req 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 $ 901,000 510,000 391,000 247,000 144,000 Req 1A Req 1B Req 2A Req 2B Compute the unit product cost. Assume that the company uses variable costing. Unit product cost $ 19 Req 1A Reg 1B Req 2A Req 2B 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 17,000 230,000 247,000 314,000 Net operating income $