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

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Accounting

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Lynch Company manufactures and sells a single product. The following costs were incurred during the company's f year of operations: During the year, the company produced 38,000 units and sold 18,000 units. The selling price of the company's pro is $61 per unit. Required: 1. Assume the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Coisplete this question by entering your answers in the tabs below. Compute the unit product cost. Assume the company uses absorption costing. Complete this question by entering your answers in the tab Prepare an income statement for the year. Assume the company us

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