Required information 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. During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company's product is $50 per unit. Unit product cost b. Prepare an income statement for the year. $6 $9 $ 3 $4 Lynch Company Absorption Costing Income Statement $ 300,000 $ 190,000

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.