Chapter 6 Graded Exercises Help Save& Exit Submit 5 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: points Manufacturing: Direct materials Direct labor s 10 Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Hint Fixed manufacturing overhead $380,808 Fixed selling and administrative expenses $298,00 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 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: the unit product cost. b. Prepare an statement for the year Complete this question by entering your answers in the tabs below Req 1A Req 1B Req 2A Req 2B 11:12 AM Type here to search