Check my work 2 Exercise 7-6 Variable and Absorption Costing Unit Product Costs and Income Statements (LO7-1, L07-2] 0 oints Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: eBook 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 AAA tA 13 7 1 1 Hint $288, eee $198,000 Print References During the year, the company produced 24,000 units and sold 20,000 units. The selling price of the company's product is $48 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. Req 1A Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses variable costing. Check my work 2 2. Assume that the company uses variable costing a. Compute the unit product cost. b. Prepare an income statement for the year. 20 points Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2A Reg 28 eBook Prepare an income statement for the year. Assume that the company uses variable costing. Hint Lynch Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold Variable selling and administrative expense Print References 0 0 0 $ 0