Required information [The following information applies to the questions displayed below.] The following information relates to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $135,000. There are no separable processing costs for any of the three products. Sales Value at Units at Product Split-off $ 189,000 Split-off 260 54,000 27,000 780 1,560 $ 270,000 2,600 What percentage of joint cost is allocated to each of the three products using the physical units method? Percent of Sales Units Product 3 Assume that the total sales value at the split-off point for product 1 is $81,000 instead of $189,000 and the sales value of product 3 is $2,700 instead of $27,000. ASsume also that, because of its relatively low sales value, the firm treats product 3 as a by-product and uses the asset recognition method for accounting for by-products. What amount of joint cost would be allocated to the products using the sales value at split-off method? Allocated Jolnt Cost Product Assume that the total sales value at the split-off point for product 1 is $81,000 instead of $189,000 and the sales value of product 3 is $2,700 instead of $27,000. Assume also that the firm treats product 3 as a joint product and uses the net realizable value method for accounting for joint costs. There are no separable processing costs for product 3, What amount of joint costs would be allocated to the three products using the relative sales value method? (Round your intermediate percentage values to 2 decimal places (Le. 24.35%) and final answers to nearest whole dollar amount.) ces Allocated Joint Cost Product 94,500 Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $135,000. There are no separable processing costs for any of the three products. Sales Value at Units at Product Split-off $ 189,000 Split-off 260 54,000 27,000 780 1,560 $ 270,000 2,600 What percentage of joint cost is allocated to each of the three products using the physical units method? Percent of Sales Units Product 3 Assume that the total sales value at the split-off point for product 1 is $81,000 instead of $189,000 and the sales value of product 3 is $2,700 instead of $27,000. ASsume also that, because of its relatively low sales value, the firm treats product 3 as a by-product and uses the asset recognition method for accounting for by-products. What amount of joint cost would be allocated to the products using the sales value at split-off method? Allocated Jolnt Cost Product Assume that the total sales value at the split-off point for product 1 is $81,000 instead of $189,000 and the sales value of product 3 is $2,700 instead of $27,000. Assume also that the firm treats product 3 as a joint product and uses the net realizable value method for accounting for joint costs. There are no separable processing costs for product 3, What amount of joint costs would be allocated to the three products using the relative sales value method? (Round your intermediate percentage values to 2 decimal places (Le. 24.35%) and final answers to nearest whole dollar amount.) ces Allocated Joint Cost Product 94,500
Expert Answer:
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor-Yi Tsay, Philip Old
Posted Date:
Students also viewed these accounting questions
-
4. (9 pts) For each of the following amino acids provide: a. The full structure under physiological conditions. b. The 3 and 1 letter codes. c. Draw the intermolecular interactions it would...
-
Wollard Corporation has provided the following information concerning a capital budgeting project: Tax rate 30% The expected life of the project 4 years Investment required in equipment $80,000...
-
The following information applies to the questions displayed below Dower Corporation prepares its financial statements according to IFRS On March 31, 2021, the company purchased equipment for...
-
Determine whether or not it is possible to cold work brass so as to give a minimum Brinell hardness of 120 and at the same time have a ductility of at least 20%EL. Justify your decision.
-
Thomas Technologies Corporation (TTC) is an engineering services company based in Calgary. He companys Class B common shares are listed on the Toronto Stock Exchange. He Class A common shares are all...
-
(A) A 5.00 L evacuated flask is filled with 1.86 mol NOBr. At equilibrium at 25 C, there is 0.082 mol of Br 2 present. Determine K c and K p for the reaction 2 NOBr(g) 2 NO(g) + Br 2 (g). (B) 0.100...
-
The total number of vehicles crossing a toll booth each day during the month of November were: Making use of the fact that the median is 328 , test at the 0.01 level of significance whether there is...
-
Because of high tuition costs at state and private universities, enrollments at community colleges have increased dramatically in recent years. The following data show the enrollment (in thousands)...
-
Blossom Company purchases $50,300 of direct raw materials and it incurs $65,400 of direct factory labor costs. Supporting records show that (a) the Assembly Department used $25,800 of direct raw...
-
The City of Townsends city council authorized the establishment of an internal service fund to provide human resource services to city departments. The following transactions took place in the...
-
write a persuasive essay based on the Writing for Life assignment at the bottom of page 202 (Scenario 1). For this essay, you are to choose a problem at your school (Florida National University) that...
-
How would a company know that its product or service was preferred in the marketplace? What could a competitor do to erode this favorable position?
-
It is claimed that problem definition and decision-making are intertwined. Explain.
-
Clarify the difference between risk and regret.
-
Why are most engineers likely to have experience with deterministic risk and not probabilistic risk?
-
Managers must be problem-solvers but are not always decision-makers. Do you agree? Disagree? Provide an example that clarifies your position.
-
You are an HR professional for a small business in a hybrid workplace. The company is experiencing high turnover across departments and employees are stating lack of connection, belonging, and...
-
Hall Corporation reported the following operating results for two consecutive years. Required a. Compute the percentage changes in Hall Corporations income statement components between the two years....
-
Mayer Company produces and sells a food processor that it prices at a 32 percent markup on total cost. Based on data pertaining to producing and selling 50,000 food processors, Mayer computes the...
-
ABC Company started year 1 with $60,000 in its cash and common stock accounts. During year 1, ABC paid $40,000 cash for employee compensation and $14,000 cash for materials. Required a. Determine the...
-
Steam from an engine exhaust at 1.25 bar flows steadily through an electric calorimeter and comes out at \(1 \mathrm{bar}, 130^{\circ} \mathrm{C}\). The calorimeter has two \(\mathrm{kW}\) heaters...
-
The properties of water and steam become identical at (a) 0.1 bar (b) 1 bar (c) \(100 \mathrm{bar}\) (d) 212.2 bar.
-
In thermodynamic analysis, a pure substance is that which (a) Consists of only a single chemical species (b) has no dissolved impurities (c) may have a number of chemical species but the composition...
Study smarter with the SolutionInn App