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Chuck Wagon Grills, Inc., makes a single producta handmade specialty barbecue grill that it sells...

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Accounting

Chuck Wagon Grills, Inc., makes a single producta handmade specialty barbecue grill that it sells for $205. Data for last years operations follow:

Units in beginning inventory 0
Units produced 10,100
Units sold 9,400
Units in ending inventory 700
Variable costs per unit:
Direct materials $ 62
Direct labor 36
Variable manufacturing overhead 11
Variable selling and administrative 20
Total variable cost per unit $ 129
Fixed costs:
Fixed manufacturing overhead $ 353,500
Fixed selling and administrative 510,000
Total fixed costs $ 863,500

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 a contribution format income statement for last year.

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