Question
Two products (X and Z) are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or
Two products (X and Z) are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or work in progress.
The following information is available for last period:
Total joint production costs $700,000
ProductProduction units Sales unitsSelling price per unit
X 14 000 12 000 $11
Of 12,000 $8,000 $13
(a) Using the sales value method of apportioning joint production costs, what was the production value of product X and Z for last period?(4 marks)
(b) Provide THREE (3) differences between joint and by-products. Use suitable examples to support your answers.
Step by Step Solution
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Step: 1
a Using the sales value method of apportioning joint production costs 1 Calculate the total sales value of both products Total sales value Sales units ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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