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Category > Management Posted 30 Apr 2018 My Price 9.00

Lynch Company

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   $ 4
        Variable manufacturing overhead   $ 2
        Variable selling and administrative   $ 2
  Fixed costs per year:    
    Fixed manufacturing overhead $ 374,000
    Fixed selling and administrative $ 284,000
 

 

    

 

During the year, the company produced 34,000 units and sold 26,000 units. The selling price of the company’s product is $44 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.

 
 
Lynch Company
Absorption Costing Income Statement
Sales  
Cost of goods sold  
Gross margin 0
Total selling and administrative expense  
Net operating income $0
   

 

  

 

2. Assume that the company uses variable costing:

 

   

 

a. Compute the unit product cost.
   

 

               

 

b.

Prepare an income statement for the year.
 
 
 
Lynch Company
Variable Costing Income Statement
Sales    
Variable expenses:-    
Variable cost of goods sold    
     
     
Variable selling and administrative expense   0
Contribution margin   0
Fixed expenses :-    
Fixed manufacturing overhead    
     
     
Fixed selling and administrative expense   0
Net operating income   $0

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Apr 2018 07:04 PM My Price 9.00

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