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 22,000 units and sold 18,000 units. The selling price of the company’s product is $45 per unit.
Unit product cost: ?
Prepare an income statement for the year.
Lynch company
Absorbtion costing income statment
Unit product cost: ?
Prepare an income statement for the year.
* Answer and fill in the ?
Solution
1. b .
2. a. Cost per unit under Variable costing:
2. b
.
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Lynch Company manufactures and sells a single product- The following c.docx
1. 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 22,000 units and sold 18,000 units. The selling price of
the company’s product is $45 per unit.
Unit product cost: ?
Prepare an income statement for the year.
Lynch company
Absorbtion costing income statment
Unit product cost: ?
Prepare an income statement for the year.
* Answer and fill in the ?
Lynch Company manufactures and sells a single product. The following costs were incurred
during the company’s first year of operations:
Solution
1. b .
2. a. Cost per unit under Variable costing:
2. b
2. 1. a. Particulars Absorption costing
Direct Materials 11
Direct Labor 5
Variable manufaturing overhead 2
Fixed manufacturing overhead (264,000/22,000) 12
Cost per unit 30
