1. Tanner Corporation produced 5,510 units, consisting of three separate products, in a joint process for the year. The market for these products was so unstable that it was not practical to estimate the selling price of the products. A cost of $488,000 was incurred in the joint process. Product X's production was 80% of product Y's while product Z's production was 110% of product Y's. What is the amount of the joint cost allocable to product X (rounded to the nearest whole dollar) assuming Tanner uses the physical quantities method of allocation?

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Great Falls Company makes two products, Wool Gloves and Wool Mittens. They are Initially processed from the same raw material and then, after split-off, further processed separately. Additional Information is as follows: Final Sales Price Gloves $11,400 ? Mittens $8,640 ? Total $20,040 $ 7,464 $ 7,600 Joint Costs Prior to Split-Off Point Costs Beyond Split-Off Point $ 3,800 $3,800 What are the Joint costs allocated to Gloves and Mittens assuming Great Falls uses the estimated net realizable value approach? Gloves Mittens $3,732 A. $3,732 B. $4,120 $3,344 C. $4,560 $2,904 D. $4,720 $2,744 Great Falls Company makes two products, Wool Gloves and Wool Mittens. They are Initially processed from the same raw material and then, after split-off, further processed separately. Additional Information is as follows: Final Sales Price Gloves $11,400 ? Mittens $8,640 ? Total $20,040 $ 7,464 $ 7,600 Joint Costs Prior to Split-Off Point Costs Beyond Split-Off Point $ 3,800 $3,800 What are the Joint costs allocated to Gloves and Mittens assuming Great Falls uses the estimated net realizable value approach? Gloves Mittens $3,732 A. $3,732 B. $4,120 $3,344 C. $4,560 $2,904 D. $4,720 $2,744

Answer rating: 100% (QA)

1 Physical quantities method Let us assume production of product Y be a units Therefore production o... View the full answer