Livermore Meatpackers, Inc. processes hogs into bacon, ham, pork roast, and spare ribs. The materials, labor...

  

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Livermore Meatpackers, Inc. processes hogs into bacon, ham, pork roast, and spare ribs. The materials, labor and overhead processing costs to get the products to the point where they can be separately identified total $10.000.000. Additional information includes: Product Kilograms Produced Cost after Split-Off Selling Price per Kg. Bacon. . 1.000,000 $200,000 $2.20 Ham..... 2.500,000 $500,000 $3.72 Pork roast.... 2,000,000 $425,000 $3.00 Spare ribs.. 790,000 $350,000 $5.00 A by-product, animal fat. was sold for a total of $1,000,000 at the split-off point; it reduces the production cost of the joint products under direct method. All the main products produced are sold. Joint cost is allocated based on approximate net realizable value at the split-off point. Questions What is the amount as joint processing cost that is to be allocated to the joint products? 1. 2. What is the amount of joint cost allocated to Bacon? 3. What is the amount of joint cost allocated to Ham? 4. What is the amount of joint cost allocated to Pork roast? 5. What is the amount of joint cost allocated to Spare ribs? 6. What is the value as finished goods inventory of Bacon? 7. What is the value as finished goods inventory of Ham? 8. What is the value as finished goods imventory of Pork roast 9. What is the value as finished goods inventory of Spare ribs? 10. When the by-product is sold by the company, how many journal entries need to be recorded under perpetual system? Livermore Meatpackers, Inc. processes hogs into bacon, ham, pork roast, and spare ribs. The materials, labor and overhead processing costs to get the products to the point where they can be separately identified total $10.000.000. Additional information includes: Product Kilograms Produced Cost after Split-Off Selling Price per Kg. Bacon. . 1.000,000 $200,000 $2.20 Ham..... 2.500,000 $500,000 $3.72 Pork roast.... 2,000,000 $425,000 $3.00 Spare ribs.. 790,000 $350,000 $5.00 A by-product, animal fat. was sold for a total of $1,000,000 at the split-off point; it reduces the production cost of the joint products under direct method. All the main products produced are sold. Joint cost is allocated based on approximate net realizable value at the split-off point. Questions What is the amount as joint processing cost that is to be allocated to the joint products? 1. 2. What is the amount of joint cost allocated to Bacon? 3. What is the amount of joint cost allocated to Ham? 4. What is the amount of joint cost allocated to Pork roast? 5. What is the amount of joint cost allocated to Spare ribs? 6. What is the value as finished goods inventory of Bacon? 7. What is the value as finished goods inventory of Ham? 8. What is the value as finished goods imventory of Pork roast 9. What is the value as finished goods inventory of Spare ribs? 10. When the by-product is sold by the company, how many journal entries need to be recorded under perpetual system?

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Joint cost given 10000000 1 Amount of Joint Cost to be allocated Joint cost given Sale proceeds of B... View the full answer