Chuck Wagon Grills, Incorporated, makes a single producta handmade specialty barbecue grill that it sells for $210. Data for last years 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

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.

The entry's that go for part 2 are Advertising, Beginning merchandise inventory, Commissions, cost of goods sold, Gross margin, contribution margin.

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: 22,000 20, 2,000 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 $ 5e 80 20 10 $ 160 $ 770,000 300,000 $ 1,070, 000 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. Complete this question by entering your answers the tabs below. Required 1 Required 2 Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. Unit product cost Chapter 6 Homework Saved 2 Chuck Wagon Grills, Incorporated, makes a single product-a handmade specialty barbecue grill that it sells for for last year's operations follow: Part 2 of 2 22,000 20,000 2,eee 3.33 points 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 $ 50 80 20 10 $ 160 Skipped $ 770,000 300, eee $ 1,070, eee eBook Print 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. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that the company uses absorption costing. Prepare an income statement for last year. Chuck Wagon Grills, Incorporated Absorption Costing Income Statement 0 Net operating income(loss) $ 0