Lynch Company manufactures and sells a single product. The following .pdf

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Lynch Company manufactures a single product and incurred costs during its first year of operations. It produced 35,000 units but only sold 25,000 units. The product sells for $46 per unit. Under absorption costing, the unit product cost and income statement for the year need to be calculated.

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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: During the year, the company produced 35,000
units and sold 25,000 units. The selling price of the company's product is $46 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: a.
Compute the unit product cost. b. Prepare an income statement for the year. Complete this
question by entering your answers in the tabs below. Compute the unit product cost. Assume that
the company uses absorption costing.

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