Required Information [The following Information applies to the questions displayed below.] Chuck Wagon Grills, Incorporated, makes a barbecue grill 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 8 22,400 20,200 2,200 $ 50 80 20 10 $ 160 $ 784,000 303,000 $ 1,087,000 Required: 1. Assume the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume 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, Incorporated, makes a barbecue grill 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 8 22,400 20,200 2,200 $ 50 80 20 10 $ 160 $ 784,000 303,000 $ 1,087,000 Required: 1. Assume the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume 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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Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for 784. Selected data for the company's operations last year follow: Units in beginning inventory Units produced ces ✓ Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor f Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Mc Graw Hill 1. Absorption costing unit product cost 2. Variable costing unit product cost ? (@ Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan. f2 2 f3 # M 3 4 $ 4 40 % 0 22,000 20,000 2,000 5 $ 180 $ 370 $63 $ 17 $ 680,000 $ 850,000 f6 Q Search 4- ^ 6 ¹74+ 4 & 7 90° *…
! 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 26,000 22,000 4,000 Units in ending inventory Variable costs per unit: Direct materials Direct labor $4 50 80 Variable manufacturing overhead Variable selling and administrative 20 10 Total variable cost per unit 2$ 160 Fixed costs: $ 910,000 Fixed manufacturing overhead Fixed selling and administrative 330,000 Total fixed costs $1,240,000 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. Required 1 Required 2 Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. Unit product cost…
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 28,000 23,000 5,000 $ 50 80 20 Variable manufacturing overhead Variable selling and administrative 10 Total variable cost per unit $ 160 Fixed costs: Fixed manufacturing overhead Fixed selling and adeinistrative $ 980,000 345,000 Total fixed costs $1,325,000 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. 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…
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