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Lynch Company manufactures and sells a single product. The following costs were incurred during the...

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Accounting

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:
Manufacturing:
Direct materials
Direct labor
$ 10
$ 5
Variable manufacturing overhead $ $ $ $ $ $ $ \\
Fixedable selling and administrative
$1
\ed costs per year:
Fixed manufacturing overhead $ 385,000
Fixed selling and administrative $ 295,000
During the year, the company produced 35,000 units and sold 17,000 units. The selling price of the company's product is $58 per unit.
Required:
Assume the company uses absorption costing:
a. Compute the unit product cost.
b. Prepare an income statement for the year.
Assume 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.
Compute the unit product cost. Assume the company uses absorption costing.
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