Refer to the information in Problem 40. a. Assume the net realizable values of the joint products
Question:
a. Assume the net realizable values of the joint products are as follows:
Soybean oil ......... $0.50 per pound
Soybean meal ....... $0.20 per pound
Allocate the joint cost incurred in March on the basis of net realizable value.
b. Calculate the cost of goods sold for March using the answer to (a).
c. Calculate the cost of Finished Goods Inventory at the end of March based on the answer to (a).
d. Compare the answers to (b) and (c) of Problem 40 to the answers to (b) and (c) of this problem. Explain why the answers differ.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
a Relati v e sales value Oil 050 x 55000000 27500000 38 rounded Meal 020 ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Cost Accounting Foundations and Evolutions
ISBN: 978-1111626822
8th Edition
Authors: Michael R. Kinney, Cecily A. Raiborn
Question Posted:
Students also viewed these Cost Accounting questions
-
Refer to the information in Problem 40 concerning Sedan Corporations inventory for the years ended March 31, 2013 and 2012. The notes to Sedans financial statements for the year ended March 31, 2013,...
-
Refer to the information in problem 40 for Arnold Corporation. a. Identify which of Arnold Corporation's book/tax differences result in a deferred tax asset or a deferred tax liability. b. Prepare...
-
Refer to the information in Problem 8-2A. Major Companys actual income statement for 2009 follows. Required 1. Prepare a flexible budget performance report for 2009. Analysis Component 2. Analyze and...
-
The bookkeeper of Cinnamon Ltd. who is usually responsible for the bank reconciliation is on holiday. Before she left she asked you to do this task for her. On March 31, you are given the bank...
-
The income statement of Munsun Company is presented Additional information: 1. Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. 2. Prepaid expenses increased...
-
Social network users sometimes experience bullying (i.e., insults, sarcasm, intense language) through postings on their profile pages. Bullying has become a distinct characteristic of CMC and has...
-
P(58 < x < 66) The random variable x is normally distributed with mean = 74 and standard deviation = 8. Find the indicated probability.
-
To ensure a successful test marketing of its OmniPower energy bars, the OmniFoods marketing department has contracted with In-Store Placements Group (ISPG), a merchandising consulting firm. ISPG will...
-
Discuss the environmental and sustainability aspects of fluid dynamics, exploring the impact of fluid flow on ecosystems, the role of fluid dynamics in pollutant dispersion and environmental...
-
Students conduct an experiment to study the motion of two toy rockets. In the first experiment, rocket X of mass MR is launched vertically upward with an initial speed vo at time t = 0. The rocket...
-
Powisett Farms Dairy began operations at the start of May 2010. Powisett Farms operates a fleet of trucks to gather whole milk from local farmers. The whole milk is then separated into two joint...
-
Refer to the information in Problem 41. a. Calculate the sales price per gallon for skim milk and cream. b. Using relative sales value, allocate the joint cost to the joint production. c. Calculate...
-
Listed below for two consecutive fiscal years are the monthly numbers of passenger boardings at a Florida airport. Use Theorem 14.6.1 to test whether these twenty-four observations can be considered...
-
Design the following filters using the Kaiser window: (a) \(A_{\mathrm{p}}=1.0 \mathrm{~dB}\) \(A_{\mathrm{r}}=40 \mathrm{~dB}\) \(\Omega_{\mathrm{p}}=1000 \mathrm{rad} / \mathrm{s}\)...
-
Your roommate drops a tennis ball from a third-story balcony. It hits the sidewalk and bounces as high as the second story. Draw a motion diagram, using the particle model, showing the ball 's...
-
Design an event handler that will execute when the calcAvailableCreditButton component is clicked. The event handler should perform the following: Declare the following Real variables: maxCredit,...
-
Draw (using Haworth projections) the fragments of xylan and glucomannan structures shown on page 295
-
Implement stack using a queue. Write a program for this problem. You can use just one queue. A queue is a First-In-First-Out (FIFO) kind of data structure. The element that is added to the queue...
-
Sketch the curves using the equations given in Problems 28-51. \(x^{2}+y^{2}=250\)
-
For each equation, (a) Write it in slope-intercept form (b) Give the slope of the line (c) Give the y-intercept (d) Graph the line. 7x - 3y = 3
-
Burberry Group plc (www.burberry.com) is a British luxury fashion house, distributing outerwear, fashion accessories, sunglasses, fragrances and cosmetics. Its distinctive tartan pattern has become...
-
In 2013, Grand Falls Bank (GFB) had $ 4,000,000 in business loans at an average interest rate of 3.5 percent as well as $ 3,200,000 in consumer loans with an average rate of 8 percent. GFB also has $...
-
Grenfell Company is preparing a cash budget for 2014 for purchases of Calvos. Budgeted data are as follows: Cost of goods sold for the year 2014 .....$ 600,000 Accounts payable, 1/1/14 ..............
-
Total June 2013 sales for Roys Catering are expected to be $ 450,000. Of each months sales, 80 percent is expected to be on credit. The Accounts Receivable balance at May 31 is $ 119,600 of which $...
-
Create a segmentation, selection and focus model that allows the PUMA company in Mexico to determine its customer, where to find it and how to generate value given its model. 7) Selection of the most...
-
Determine if the following values are zeroes polynomial. 4 3 f(x) = x + x-18x - 16x + 32 x+1, +2, +4 -
-
Cali Windows is a small company that installs windows. Its cost structure is as follows: (Click the icon to view the cost structure.) Calculate (a) the breakeven point in units and revenues and (b)...
Study smarter with the SolutionInn App