Variable and Absorption Costing Assignment

2 Exercise 6-6 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, LO6-2] 60 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: points Variable costs per unit: Manufacturing: Direct materials 13 eBook Variable manufacturing overhead Variable selling and administrative Fixed costs per year Fixed manufacturing overhead Fixed selling and administrative 3 Hint $352,000 $262,000

Print During the year, the company produced 32,000 units and sold 27,000 units. The selling price of the company's product is $56 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for year 2. Assume that the company uses variable costing a. Compute the unit product cost. b. Prepare an income statement for the year References 2 Complete this question by entering your answers in the tabs below. Req 1B Req 1A Req 2A Req 2B 60 points Prepare an income statement for the year. Assume that the company uses variable costing Lynch Company Variable Costing Income Statement eBook Sales 1,512,000 Variable expenses: 702,000 Variable costs of goods sold Hint Variable selling and administrative expense 81,000 Print 783,000 729,000 References 262,000 Fixed selling and administrative 352,000 Fixed manufacturing overhead 614,000 Net operating income 115,000 Req 2B Req 2A. .

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