peac 7 q1

Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: During the year, the company produced 23,000 units and sold 19,000 units. The selling price of the company's product is $50 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. ( Answer is complete but not entirely correct. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Answer is complete but not entirely correct. 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