URGENT

4 part question

Exercise 7-6 (Algo) Variable and Absorption Costing Unit Product Costs and Income Statements (L07-1, LO7-2) Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable conta per unit: Manufacturing Direct materials $ 13 Direct labor $ 10 Variable manufacturing overhead 5 3 Variable selling and administrative $ 3 Fixed costs per year: Vixed manufacturing overhead $352,000 Pixed selling and administrative $ 262,000 During the year, the company produced 32,000 units and sold 27,000 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. Reg 1A Raq 18 Reg 2A Reg 28 Compute the unit product cost. Assume that the company uses absorption costing. Unit productos Req 18 > Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2A Reg 28 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 Reg 18 Reg 2A Req 28 Compute the unit product cost. Assume that the company uses variable costing. Unt product com Req 1A Req 1B Reg 2A Req 2B Prepare an Income statement for the year. Assume that the company uses variable costing. Lynch Company Variable Costing Income Statement