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 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 80 Variable manufacturing overhead Variable selling and administrative 20 10 Total variable cost per unit 160 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 910,e00 330, e00 $1,240,000 Total fixed costs 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 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 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 80 Variable manufacturing overhead Variable selling and administrative 20 10 Total variable cost per unit 160 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 910,e00 330, e00 $1,240,000 Total fixed costs 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.

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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