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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 @ 24,400 21, 200 3,200 $50 80 20 18 $ 160 $ 854,000 318,000 $ 1,172,000 Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses varlable 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 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 @ 24,400 21, 200 3,200 $50 80 20 18 $ 160 $ 854,000 318,000 $ 1,172,000 Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses varlable 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?

FINANCIAL ACCOUNTING
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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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 24,488 21,200 3,200 $ 50 80 23 18 $ 168 $ 854,388 319,808 $ 1,172,000 #₂ Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses varlable 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 24,488 21,200 3,200 $ 50 80 23 18 $ 168 $ 854,388 319,808 $ 1,172,000 #₂ Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses varlable 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?
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Sales Variable expenses: 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 3 Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed expenses: * Answer is not complete. Fixed manufacturing overhead Fixed selling and administrative expenses Net operating loss $ 212,000 854,000 318.000 Required 1 S 4,452,000 212.000 4.240,000 1,172,000 3.068.000 Required 3
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Sales Variable expenses: 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 3 Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed expenses: * Answer is not complete. Fixed manufacturing overhead Fixed selling and administrative expenses Net operating loss $ 212,000 854,000 318.000 Required 1 S 4,452,000 212.000 4.240,000 1,172,000 3.068.000 Required 3
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