- Lynch Company Manufactures And Sells A Single Product The Following Costs Were Incurred During The Company S First Year 1 (35.22 KiB) Viewed 10 times
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 a. Compute the unit product cost. b. Prepare an income
statement for the year. Req 18 $ $ $ Req 2A $ Req 28 NON < Req 1A 12 During the year, the
company produced 31,000 units and sold 26,000 units. The selling price of the
company's product is $55 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: 9 2 Complete this
question by entering your answers in the tabs below. 2 Req 1A Compute the unit product cost. Assume that the
company uses absorption costing. Unit product cost $403,000 $313,000 Req 1B >
Reg 1A Reg 1B Reg 2A Prepare an income
statement for the year. Assume that the
company uses absorption costing. Lynch
Company Absorption Costing Income
Statement Req 28 $ 0 0 < Req 1A Req 2A >
Req 1A Req 18 Req 2A Req 28 Compute the unit product cost. Assume that the
company uses variable costing Unit product cost < Req 1B Req 2B >
Reg 1A Reg 1B Reg 2A Req 28 Prepare an income
statement for the year. Assume that the
company uses variable costing Lynch
Company Variable Costing Income
Statement < Req 2A $ 0 0 0 0 Req 2B >