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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 $0$

Units produced $24,000$

Units sold $21,000$

Units in ending inventory $3,000$

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 $ $840,000$

Fixed selling and administrative $315,000$

Total fixed costs $ $1,155,000$

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.