Please do not give solution in image format thanku Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year ofoperations:Variable costs per unit:Manufacturing:Direct materialsDirect laborVariable manufacturing overheadVariable selling and administrativeFixed costs per year:Fixed manufacturing overhead$ 248,000Fixed selling and administrative$ 158,000During the year, the company produced 31,000 units and sold 21,000 units. The selling price of the company's product is $44 per unit.Required:1. Assume that the company uses absorption costing:a. Compute the unit product cost.b. Prepare an income statement for the year.2. Assume that the company uses variable costing:a. Compute the unit product cost.b. Prepare an income statement for the year.Complete this question by entering your answers in the tabs below.Req 1AReq 1B$ 12$7$ 2$ 2Req 2AReq 2BPrepare an income statement for the year. Assume that the company uses variable costing.Lynch CompanyVariable Costing Income Statement0000

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Description: Please do not give solution in image format thanku Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year ofoperations:Variable costs per unit:Manufacturing:Direct materialsDirect labo

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Lynch Company manufactures and sells a single product. The following costs were incurred dur operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $ 12 $7 $2 $2 $ 248,000 S 158.000

Lynch Company manufactures and sells a single product. The following costs were incurred dur operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $ 12 $7 $2 $2 $ 248,000 S 158.000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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