2. Galadriel Company began operations on 1/1/22 and produces tumbling mats and rebound mats for gymnastics....

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2. Galadriel Company began operations on 1/1/22 and produces tumbling mats and rebound mats for gymnastics. Both products are manufactured from a joint process. The company uses a Product Costing System. During January 2022, the company incurred joint production costs of $100,800 related to 1,800 tumbling mats and 700 rebound mats. Assume the units are unfinished but have reached the split-off point. What journal entry should the company record assuming the company uses the physical units method? Round all calculations and dollar values to 4 decimal places (e.g., $1.0000). 2. Galadriel Company began operations on 1/1/22 and produces tumbling mats and rebound mats for gymnastics. Both products are manufactured from a joint process. The company uses a Product Costing System. During January 2022, the company incurred joint production costs of $100,800 related to 1,800 tumbling mats and 700 rebound mats. Assume the units are unfinished but have reached the split-off point. What journal entry should the company record assuming the company uses the physical units method? Round all calculations and dollar values to 4 decimal places (e.g., $1.0000).

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To record the joint production costs using the physical units method the company needs to alloc... View the full answer