cises Saved Help Save & E Sub Check my work Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations Variable conto per unit Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Paxed selling and administrative $ $ 12 6 1 1 $300,000 $218,000 During the year, the company produced 28,000 units and sold 15,000 units. The selling price of the company's product is $56 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. Dan 14 Red w Prey 1 of 2 !!! Next > C y ure year, recompany PIVUULEU LOVU manu au www it, we my ice UFUE LUI. 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 1A Reg 18 Reg 2A Reg 2B Compute the unit product cost. Assume that the company uses absorption costing, 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 Reg 1B Req 2A Reg 2B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Sales Cost of goods sold Gross margin Net operating income 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 Reg 1B Req 2A Reg 2B Compute the unit product cost. Assume that the company uses variable costing Unit product cost Ch 1 complete this question by entering your answers in the caps delow. Req 1A Reg 1B Req ZA Reg 2B points Prepare an income statement for the year. Assume that the company uses variable costing eBook Hint Lynch Company Variable Costing Income Statement Sales Variable expenses Variable cost of goods sold Pilot References Fixed selling and administrative 0 0 Contribution margin Fixed expenses Fixed manufacturing overhead Fixed selling and administrative 0 0 Not operating income S