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 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative Required: 1. Assume that the company uses absorption costing a Compute the unit product cost b. Prepare an income statement for the year $14 2. Assume that the company uses variable costing a Compute the unit product cost. b. Prepare an income statement for the year. $3 $1 $1 During the year, the company produced 29,000 units and sold 22.000 units. The selling price of the company's product is $42 per unit. $ 290,000 $ 200,000

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 Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative Required: 1. Assume that the company uses absorption costing a Compute the unit product cost b. Prepare an income statement for the year $14 2. Assume that the company uses variable costing a Compute the unit product cost. b. Prepare an income statement for the year. $3 $1 $1 During the year, the company produced 29,000 units and sold 22.000 units. The selling price of the company's product is $42 per unit. $ 290,000 $ 200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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