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1 Exercise 6-6 Variable and Absorption Costing Unit Product Costs and Income Statements (LO6-1, L06-2] Lynen Company manufactures and sets a single product. The following costs were incurred during the company's first year of operations Variable costs per unit: Manufacturing: Direct materials $6 Direct labor $9 Variable manufacturing overhead Variable selling and administrative $4 Fixed costs per year! Fixed manufacturing overhead 5380,000 Fixed selling and administrative $190,000 Peme During the year, the company produced 25.000 units and sold 20,000 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 . 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 C als question by entering your answers in the tabs below. Reg 1A Reg 2 R20 Comote the unit product cost. Asseme that the company reabsorption costing R10 > CHOO SETA 1 166 Variable costs per unit: Manufacturing: Direct materials $6 Direct labor $9 Variable manufacturing overhead $3 Variable selling and administrative 54 Fixed costs per year: Fixed manufacturing overhead $300,000 Fixed selling and administrative $190,000 Book During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is $50 per unit Print 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 References Complete this question by entering your answers in the tabs below. Reg 1 Rea 10 R2A Reg 20 Prepare an income statement for the year. Assume that the company uses absorption costing many Absorption Req 18 me Statement 0 5 0 CRIA Reg 2A > 1 1 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 156 pol Answer is not complete Complete this question by entering your answers in the tabs below. Re 1 Reg 16 Reg 2 Reg 23 Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold Reg 28 Variable selling expense $ 1.000.000 no > 440 000 500,000 Fored manufacturing overhead Fored seling and administrative expense CO 300.000 190.000 00 000 S Net operating income 5 70.000