Chuck Wagon Grills, Incorporated, makes a barbecue grill it sells for $$210.$ Data for last year$$s operations follow:

Units in beginning inventory $0$

Units produced $22,000$

Units sold $20,000$

Units in ending inventory $2,000$

Variable costs per unit:

Direct materials $ $50$

Direct labor $80$

Variable manufacturing overhead $20$

Variable selling and administrative $10$

Total variable cost per unit $ $160$

Fixed costs:

Fixed manufacturing overhead $ $770,000$

Fixed selling and administrative $300,000$

Total fixed costs $ $1,070,000$

Exercise $6-15($Algo$)$ Absorption Costing Unit Product Cost and Income Statement $[$LO$61,$ LO$62]$

Required:

Assume the company uses absorption costing. Compute the unit product cost for one barbecue grill.

Assume the company uses absorption costing. Prepare an income statement for last year.