Exercise 6-6 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, LO6-2] Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations 2:40 Variable costs per unit: Manufacturing: Direct materials Direct lobor Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative $ $ $ 5 14 5 1 1 $264,000 $174.000 15.000 units. The selling price of the company's product is $52 per unit 5 During the year, the company produced 33,000 units and sol 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. ences Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Fog 2 Reg 20 Compute the unit product cost. Assume that the company uses absorption costing Unt produd cont Reg 18 > Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2A Reg 28 Prepare an income statement for the year. Assume that the company uses absorption costing. 5 Lynch Company Absorption Costing Income Statement 0 0 Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2A Reg 28 Compute the unit product cost. Assume that the company uses variable costing Unit product cont Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement 0 0 0 $ 0