!Required information[The following information applies to the questions displayed below.]Chuck Wagon Grills, Inc., makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for lastyear's operations follow:Units in beginning inventoryUnits producedUnits sold26,00022,0004,000Units in ending inventoryVariable costs per unit:Direct materialsDirect labor$45080Variable manufacturing overheadVariable selling and administrative2010Total variable cost per unit2$160Fixed costs:$ 910,000Fixed manufacturing overheadFixed selling and administrative330,000Total fixed costs$1,240,000Required:1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill.2. Assume that the company uses absorption costing. Prepare an income statement for last year.Required 1Required 2Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill.Unit product costRequired 1Required 2:......................................................................................................................................................Assume that the company uses absorption costing. Prepare an income statement for last year.Chuck Wagon Grills, Inc.Absorption Costing Income StatementNet operating income(loss)$

Name: !Required information[The following information applies to the questi
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: !Required information[The following information applies to the questions displayed below.]Chuck Wagon Grills, Inc., makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for lastyear's operations follow:Units in beg

PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS Requirement: 1 Chuck wagon Unit Product cost using…

Business

Accounting

Chuck Wagon Grill, Ic., makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for last year's operations follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials 26,000 22,000 4,000 50 Direct labor Variable manufacturing overhead Variable selling and administrative 80 20 10 Total variable cost per unit 160 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 910,000 330,000 $1,240,000 Total fixed costs quired: Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. Assume that the company uses absorption costing. Prepare an income statement for last year.

Chuck Wagon Grill, Ic., makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for last year's operations follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials 26,000 22,000 4,000 50 Direct labor Variable manufacturing overhead Variable selling and administrative 80 20 10 Total variable cost per unit 160 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 910,000 330,000 $1,240,000 Total fixed costs quired: Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. Assume that the company uses absorption costing. Prepare an income statement for last year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $900. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 25,000 22,000 3,000 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 220 $460 $ 51 $20 $720,000 $ 600,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $875. Selected data for the company’s operations last year follow: Units in beginning inventory 0 Units produced 13,000 Units sold 10,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 230 Direct labor $ 410 Variable manufacturing overhead $ 55 Variable selling and administrative $ 22 Fixed costs: Fixed manufacturing overhead $ 780,000 Fixed selling and administrative $ 910,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. 1. Absorption costing unit product cost 2. Variable costing unit product cost
am.200.
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $752. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 0 15,000 12,000 3,000 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 170 $340 $ 57 $ 20 $ 830,000 $ 970,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $917. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 0 13,000 9,000 4,000 1. Absorption costing unit product cost 2. Variable costing unit product cost $ 210 $ 440 $ 58 $18 $ 770,000 $ 550,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $845, Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs : Fixed manufacturing overhead Fixed selling and administrative 19,000 16,000 3,000 $ 260 $ 340 $ 57 $ 22 $ 910,000 $ 930,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gahelan. 1. Absorption costing unit product cost 2. Variable costing unit product cost
Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for 784. Selected data for the company's operations last year follow: Units in beginning inventory Units produced ces ✓ Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor f Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Mc Graw Hill 1. Absorption costing unit product cost 2. Variable costing unit product cost ? (@ Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. f2 2 f3 # M 3 4 $ 4 40 % 0 22,000 20,000 2,000 5 $ 180 $ 370 $63 $ 17 $ 680,000 $ 850,000 f6 Q Search 4- ^ 6 ¹74+ 4 & 7 90° *…
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $990. Selected data for the company’s operations last year follow: Units in beginning inventory 0 Units produced 200 Units sold 180 Units in ending inventory 20 Variable costs per unit: Direct materials $ 120 Direct labor $ 340 Variable manufacturing overhead $ 40 Variable selling and administrative $ 30 Fixed costs: Fixed manufacturing overhead $ 56,000 Fixed selling and administrative $ 24,000 The absorption costing income statement prepared by the company’s accountant for last year appears below: Sales $ 178,200 Cost of goods sold 140,400 Gross margin 37,800 Selling and administrative expense 29,400 Net operating income $ 8,400 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of…
Peta, SA manufactures a single product that had the following cost structure this year: Variable Manufacturing Cost per unit: $15 Variable Selling and Administrative cost per unit: $8 Fixed Manufacturing Cost, Total: $261,000 Fixed Selling and Administrative Costs, Total: $132,000 They sold 13,000 units for $60 each during the year, and produced 21,000 units. What is the ending finished goods inventory under variable costing? Select one: A. $99,429 less than under absorption costing. B. $50,286 less than under absorption costing. C. $114,286 less than under absorption costing. D. $120,000 less than under absorption costing. E. $64,000 less than under absorption costing.
Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for $210. Data for last year's operations follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor 28,000 23,000 5,000 $ 50 80 20 Variable manufacturing overhead Variable selling and administrative 10 Total variable cost per unit $ 160 Fixed costs: Fixed manufacturing overhead Fixed selling and adeinistrative $ 980,000 345,000 Total fixed costs $1,325,000 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses absorption costing. Prepare an income statement for last year. Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses absorption costing. Prepare an income statement for last year. Complete this question by…
am.201.
hr.8