Chapter 7, Problem 3Q

Null

Thirst Quencher produced 20,000 cases of powdered drink mix and sold 17,000 cases in April. The sales price was $22 per case, variable costs were $14 per case ($10 manufacturing and $4 selling and administrative), and total fixed costs were $55,000 ($40,000 manufacturing overhead and $15,000 selling and administrative). The company had no beginning Finished Goods Inventory. Requirements1. Prepare the April income statement using absorption costing.Known - OI $87,000 2. Determine the product cost per unit and the total cost of the 3,000 cases in Finished Goods Inventory as of April 30. 3. Is the April 30 balance in Finished Goods Inventory higher or lower than variable costing? Explain why.

Don't use ai given answer financial accounting

I am searching for the accurate solution to this financial accounting problem with the right approach.

Please explain the correct approach for solving this general accounting question.

n 2022, Alexis transferred $442,000 to a trust with directions to pay income to her spouse, William, for his life. After William's death, the corpus of the trust will pass to William's son. If the life estate is valued at $72,250, what is the total amount of the taxable gifts?

Could you help me solve this financial accounting question using appropriate calculation techniques?

Can you help me solve this general accounting question using valid accounting techniques?

Please explain this financial accounting problem by applying valid financial principles.