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

Question

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 14 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $264,00e $174,006 During the year, thec 33,000 units and sold 15,000 units. The selling price of the company's product is $52 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 8 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B KPrey 12 of 14 Next ?CHM111 Exam pdf ^ @ Presentation 101.pdf ^ uca Bright Purples.-Pdf^ ua Protectpdi

Explanation / Answer

1.

a.

Working:

b.

2.

a.

Working:

b.

Unit product cost 28

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