Question: All those numbers are correct. I cannot solve the Allocated joint costs. Problem 11-76 (Algo) Joint Cost Allocation and Product Profitability (LO 11-7, 8, 9)



All those numbers are correct. I cannot solve the Allocated joint costs.
Problem 11-76 (Algo) Joint Cost Allocation and Product Profitability (LO 11-7, 8, 9) Imperial Mining is a coal company that produces three grades of coal-High, Medium, and Low-in fixed proportions. The joint costs of mining total $2,130,000. In a typical month, the company will mine 21,120 tons of High-Grade, 31,680 tons of Medium-Grade, and 10,560 tons of Low-Grade coal. Market prices have been relatively stable at $60 per ton for High-Grade, $40 per ton for Medium- Grade, and $10 per ton for Low-Grade. There are no costs to refine the individual grades of coal once it is mined. Required: a. What is the reported profitability for each grade assuming the physical quantities method is used to allocate the joint cost of production? b. What is the reported profitability for each grade assuming the net realizable value method is used to allocate the joint cost of production? Complete this question by entering your answers in the tabs below. Required A Required B What is the reported profitability for each grade assuming the net realizable value method is used to allocate the joint cost of production? Required A Required B What is the reported profitability for each grade assuming the physical quantities method is used to allocate the joint cost of production? High-Grade Medium-Grade 21,120 31,680 $ 60 $ 40 $ 1,267,200 $ 1,267,200 Quantity (tons) Price/ton Revenue (NRV) Allocated joint cost Product profit/loss Low-Grade 10,560 $ 10 $ 105,600 Total 63,360 $ 2,640,000 $ 1,267,200 $ 1,267,200 $ 105,600 $ 2,640,000 Required A Required B >
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