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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
$ 10
Direct labor
$ 5
Variable manufacturing overhead
$ 1
Variable selling and administrative
Fixed costs per year:
Fixed manufacturing overhead
$ 385,000
Fixed selling and administrative
$ 295,000
During the year, the company produced 35,000 units and sold 17,000 units. The selling price of the company's product is $58 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.
Absorption income statement
2. Assume that the company uses variable costing:
Prepare an income statement for the year.
Variable costing income statement
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