X Cut LB Copy Format Painter 21 1 Calibri (Body) ~ 11 A Aav Ao BI U vao x x Al A. Paste AaBbcod Normal Clipboard Font Paragraph Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first operations: Variable costs per unit: Manufacturing: Direct materials 10 Direct labor $ 7 Variable manufacturing overhead $ 3 Variable selling and administratives Fixed costs per year: Fixed manufacturing overhead $380,000 Fixed selling and administrative $290,000 3 During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's product is $61 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 1B Reg DA Req 2B Reg 2A Compute the unit product cost. Assume that the company uses absorption costing. 10 Reg 1B LOW View X Cut Help Picture Format Calibri (Body) Paste Le Copy - 11 - A Aa AEEE 2 a X A-D-A- -- Format Painter BIU x AaBbccdd AaBbceDd AaBbc Aabbcc AaB Aabed 1 Normal 1 No Spac... Heading 1 Heading 2 Clipboard Title Subtitle Font Paragraph stules Complete this question by entering your answers in the tabs below. Reg 1A Reg 1 Reg 2A Reg 2B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Complete this question by entering your answers in the tabs below. Reg 1A -OF -IN Reg 1B Reg 2A Reg 2B Compute the unit product cost. Assume that the company uses variable costing Unit product cost 342 of 469 words Type here to search liyi Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 2A Reg 2B Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement -OF -IN 0 $ 0