Chapter 17 - Homework Question 3, E17-22 (similar to) HW Score: 9.66%, 9.66 of 100 points Part 4 of 6 Points: 7.86 of 20 Save K Farm Grown Chicken grows and processes chickens. Each chicken is disassembled into five Farm Grown Chicken's management wants to use the sales value at splitoff method. main parts. Farm Grown Chicken is computing the ending inventory values for its July 31, 2020, However, management wants you to explore the effect on ending inventory values of balance sheet. Ending inventory amounts on July 31 are 17 pounds of breasts, 10 pounds of classifying one or more products as a byproduct rather than a joint product. wings, 4 pounds of thighs, 6 pounds of bones, and 3 pounds of feathers. (Click to view information on the sales value at splitoff method.) Read the requirements. Requirement 2. Assume Farm Grown Chicken uses the production method of accounting for byproducts. what are the ending inventory values for each joint product on July 31, ZUZU, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? Begin by selecting the formula to calculate the joint costs to be allocated. Then enter the amounts and determine the amount. (NRV = Net Realizable Value.) Joint costs NRV of byproducts Joint costs to be allocated $ 100.00 $ 30.00 $ 70.00 Now use the table below to calculate the allocated costs per pound for the breasts and thighs. (Round the weights to three decimal places, the joint costs to the nearest cent and the allocated costs per pound to four decimal places.) Breasts Thighs Total Pounds of product 200 80 280 Wholesale selling price per pound $ 0.50 $ 0.40 Sales value at splitoff $ 100.00 $ 32.00 132.00 Weighting: Sales value at splitoff 0.758 0.242 Joint costs allocated Allocated costs per poundbalance sheet. Ending inventory amounts on July 31 are 17 pounds of breasts, 10 pounds of classifying one or more products as a byproduct rather than a joint p wings, 4 po the sales value at splitoff method.) X Reference Requireme ues for each joint product on July 31 breasts and Breasts Wings Thighs Bones Feathers Total Pounds of product 200 40 80 160 20 500 Begin by se ealizable Value.) Wholesale selling price Jo per pound $ 0.50 $ 0.30 $ 0.40 $ 0.10 $ 0.10 $ Sales value at splitoff $ 100.00 $ 12.00 $ 32.00 $ 16.00 $ 2.00 $ 162.00 Now use th Weighting: Sales Value he joint costs to the nearest cent and per pound at splitoff 0.617 0.074 0. 198 0.099 0.012 1.000 Joint costs allocated $ 61.70 $ 7.40 $ 19.80 $ 9.90 $ 1.20 $ 100.00 Pounds of Allocated costs Wholesale per pound $ 0.3085 $ 0.1850 $ 0.2475 $ 0.0619 $ 0.0600 per pou Sales value Weighting: Print Done at splito Joint costs Allocated costs per poundn Grown Chicken grows and processes chickens. Each chicken is disassembled into five Farm Grown Chicken's management wants to use the sales parts. Farm Grown Chicken is computing the ending inventory values for its July 31, 2020, However, management wants you to explore the effect on e nce sheet. Ending inventory amounts on July 31 are 17 pounds of breasts, 10 pounds of classifying one or more products as a byproduct rather than gs, 4 pounds of thighs, 6 pounds of bones, and 3 pounds of feathers. (Click to view information on the sales value at splitoff m Read the requirements. uirement X values for each joint product of sts and th Requirements n by seleq t Realizable Value.) Joint 1. Assume Farm Grown Chicken classifies all five products as joint products. What are the ending 10 inventory values of each product on July 31, 2020? 2. Assume Farm Grown Chicken uses the production method of accounting for byproducts. What use the to are the ending inventory values for each joint product on July 31, 2020, assuming breasts and s, the joint costs to the nearest bound to f thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on differences in the results in requirements 1 and 2. nds of pro lesale sel Print Done er pound s value a ghting: Sales value t splitoff 0.758 0.242 costs allocated ated costs er pound Clear all Get more help