ow/connect.htm Lynch Company manufactures and sells a single product. The follow

Question

ow/connect.htm Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of opérations pex unst snufactur Direct paterials birect labor tueing overbend Variable selling and adninistrative fixed cost per year Fixed manutactueing overhesd 340,000 250,000 During the year, the company produced 34,000 units and sold 16,000 units The selling price of the company's product is $54 per unit Required Assume that the company uses absorption costing a Compute the unit product cos b Prepare an income statement for the year 2 Assume that the company uses vaniable 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 beloe Reg 14 Reg 1BPea 2A Req 28 the unt product cost, Assume that the company uses abstorption costing.

Explanation / Answer

1a. Unit product cost as per absorption costing is:

1b. Income Statement

2a. Unit product Cost

2b Income Statement

Cost of goods sold: Units Per Unit Cost    Direct Material 10    Direct Labour 4    Variable factory overhead 1    Fixed factory overhead 340,000 34,000 10 Unit Product Cost 340,000 25

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