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 Required 1 Required 2 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. Sales Cost of goods sold Gross margin Complete this question by entering your answers in the tabs below. Selling and administrative expenses Net operating income(loss) 0 20,000 19,000 1,000 $ 50 80 20 10 $ 160 > Answer is complete but not entirely correct. Assume that the company uses absorption costing. Prepare an income statement for last year. Chuck Wagon Grills, Incorporated Absorption Costing Income Statement ✓ S $ $ 700,000 285,000 $ 985,000 3,990 X 3,515 X 475 475 X 0

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 Required 1 Required 2 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. Sales Cost of goods sold Gross margin Complete this question by entering your answers in the tabs below. Selling and administrative expenses Net operating income(loss) 0 20,000 19,000 1,000 $ 50 80 20 10 $ 160 > Answer is complete but not entirely correct. Assume that the company uses absorption costing. Prepare an income statement for last year. Chuck Wagon Grills, Incorporated Absorption Costing Income Statement ✓ S $ $ 700,000 285,000 $ 985,000 3,990 X 3,515 X 475 475 X 0

Name: Hello, I am not sure what I am doing wrong here. Chuck Wagon Grills, I
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Description: Hello, I am not sure what I am doing wrong here. Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for $210. Datafor last year's operations follow:Units in beginning inventoryUnits producedUnit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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