1.) The following transactions are available from Lean Products Inc. a company that produced three output, leather, suede and dog chews:

• Produced and sold 200 units of leather, 100 units of sued, and 25 units of dog chews
• Recorded P140,000 sales revenue from leather and suede. The cost of sales before accounting for the by product was P73,250
• Incurred P100 to process the 25 units of dog chews to completion
• Received P450 in revenues from the sale of 25 units of dog chews.

The amount of joint costs allocated to leather using the physical measure assuming that NRV of dog chews is deducted from the joint process costs

2.) The following transactions are available from Lean Products Inc. a company that produced three output, leather, suede and dog chews:

• Produced and sold 200 units of leather, 100 units of sued, and 25 units of dog chews
• Recorded P140,000 sales revenue from leather and suede. The cost of sales before accounting for the by product was P73,250
• Incurred P100 to process the 25 units of dog chews to completion
• Received P450 in revenues from the sale of 25 units of dog chews.

The amount of joint costs allocated to suede using the physical measure assuming that NRV of dog chews is deducted from the joint process costs.

3.) The following transactions are available from Lean Products Inc. a company that produced three output, leather, suede and dog chews:

• Produced and sold 200 units of leather, 100 units of sued, and 25 units of dog chews
• Recorded P140,000 sales revenue from leather and suede. The cost of sales before accounting for the by product was P73,150
• Incurred P100 to process the 25 units of dog chews to completion
• Received P450 in revenues from the sale of 25 units of dog chews.

The amount of cost for dog chews is.

Answer rating: 100% (QA)

1 To allocate joint costs to leather using the physical measure assuming that the net realizable val... View the full answer