Required information Skip to question [The following information applies to the questionsdisplayed below.] Chuck Wagon Grills, Incorporated, makes a single product-a handmadespecialty barbecue grill that it sells for $210. Data for last year's operations follow: Units inbeginning inventory 0 Units produced 26, 800 Units sold 22,400 Units in ending inventory4,400 Variable costs per unit: Direct materials $ 50 Direct labor 80 Variable manufacturingoverhead 20 Variable selling and administrative 10 Total variable cost per unit $ 160 Fixedcosts: Fixed manufacturing overhead $ 938,000 Fixed selling and administrative 336,000 Totalfixed costs $ 1,274,000 Required: 1. Assume that the company uses absorption costing.Compute the unit product cost for one barbecue grill. 2. Assume that the company usesabsorption costing. Prepare an income statement for last year. Assume that the company usesabsorption costing. Prepare an income statement for last year.

In absorption Costing , the fixed manufacturing overhead is included in product cost. The fixed…

nning inventory 0 Units produced 26,800 Units sold 22, 400 Units in e 0 Variable costs per unit: Direct materials $ 50 Direct labor 80 Variable head 20 Variable selling and administrative 10 Total variable cost per 5: Fixed manufacturing overhead $ 938,000 Fixed selling and adminis I costs $ 1,274,000 Required: 1. Assume that the company uses abso pute the unit product cost for one barbecue grill. 2. Assume that the

nning inventory 0 Units produced 26,800 Units sold 22, 400 Units in e 0 Variable costs per unit: Direct materials $ 50 Direct labor 80 Variable head 20 Variable selling and administrative 10 Total variable cost per 5: Fixed manufacturing overhead $ 938,000 Fixed selling and adminis I costs $ 1,274,000 Required: 1. Assume that the company uses abso pute the unit product cost for one barbecue grill. 2. Assume that the

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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Trio Company reports the following information for its first year of operations. $ 20 per unit $ 21 per unit $ 9 per unit $ 263,250 per year 20,250 units 15,500 units 4,750 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Exercise 19-2 (Algo) Computing unit and inventory costs under variable costing LO P1 Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit $ Variable costing 0 per unit
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