Chat with us, powered by LiveChat For April, Quick Test Enterprises prepared, in acc - Writemia

For April, Quick Test Enterprises prepared, in acc

For April, Quick Test Enterprises prepared, in accordance with Generally Accepted Accounting Principles (GAAP), the following income statement using absorption costing. Quick Test uses a FIFO (i.e., First-In-First-Out) inventory cost flow assumption to compute cost of goods sold and the value of ending inventory. At the beginning of April (i.e., at the end of March), Quick test had 750 units in inventory with a total cost of $45,000. Of the $45,000, $11,250 represents allocated fixed manufacturing overhead costs. Quick Test produced 1,250 units during April. The variable manufacturing cost per unit produced during April was $50. In addition, fixed selling, general, and administrative expenses for April were $12,000. Required: a. Compute the value of Quick Test’s inventory at the end of April under variable costing. b. How much did Quick Test actually spend on fixed manufacturing overhead costs during April? c. Prepare Quick Test’s variable costing income statement for April. d. Reconcile the difference between Quick Test’s April income under variable costing and April income under absorptioncosting.

Do you need an answer to this or any other questions?

About Writemia

We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

How It Works

To make an Order you only need to click on “Place Order” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

Are there Discounts?

All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

Hire a tutor today CLICK HERE to make your first order