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Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for $210. 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. Variable manufacturing overhead 0 22,400 20,200 2,200 $ 50 80 20

Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for $210. 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. Variable manufacturing overhead 0 22,400 20,200 2,200 $ 50 80 20

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information [The following information applies to the questions displayed below] 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 Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Total fixed costs 0 22,400 20,200 2,200 $ 50 80 20 10 $ 160 $ 784,000 303,000 $ 1,087,000 Required: 1. Assume that the company uses variable costing Compute the unit product cost for one barbecue grill 2. Assume that the company uses variable costing. Prepare a contribution format income statement for last year 3. What is the company's break-even point in terms of the number of barbecue grills sold?
Transcribed Image Text:Required information [The following information applies to the questions displayed below] 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 Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Total fixed costs 0 22,400 20,200 2,200 $ 50 80 20 10 $ 160 $ 784,000 303,000 $ 1,087,000 Required: 1. Assume that the company uses variable costing Compute the unit product cost for one barbecue grill 2. Assume that the company uses variable costing. Prepare a contribution format income statement for last year 3. What is the company's break-even point in terms of the number of barbecue grills sold?
Required 1 Required 2 Required 3 Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. Unit product cost Required 1 Required 2 Required 3 <Required 1 Assume that the company uses variable costing. Prepare a contribution format income statement for last year. Chuck Wagon Grills, Incorporated Variable Costing Income Statement Required 1 Required 2 Required 3 < Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 3 > < Required 2 What is the company's break-even point in terms of the number of barbecue grills sold? Break-even point units Requined 3>
Transcribed Image Text:Required 1 Required 2 Required 3 Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. Unit product cost Required 1 Required 2 Required 3 <Required 1 Assume that the company uses variable costing. Prepare a contribution format income statement for last year. Chuck Wagon Grills, Incorporated Variable Costing Income Statement Required 1 Required 2 Required 3 < Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 3 > < Required 2 What is the company's break-even point in terms of the number of barbecue grills sold? Break-even point units Requined 3>
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  1. Assume the company uses absorption costing. Compute the unit product cost for one barbecue grill.
  2. Assume the company uses absorption costing. Prepare an income statement for last year.
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