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Variable and Absorption Costing Unit Product Costs and Income Statements[LO1, LO2]
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations:
CoursHeroTranscribedText: Variable costs per unit: Manufacturing: Direct materials ................... $6 Direct labor ....................... $9 Variable manufacturing overhead ...... $3 Variable selling and administrative ........ $4 Fixed costs per year: Fixed manufacturing overhead .......... $300,000 Fixed selling and administrative ......... $190,000
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