Douglass Minerals mines ore and then processes it into other products. At the end of the...
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Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Mining $ 477,000 Plant A $ 420,000 Manufacturing overhead $ 393,000 $ 348,600 Plant B $ 285,000 $ 141,000 Products Units sold Units in ending inventory (December 31) Sales revenue Metal-A 231,000 79,500 Metal-B 204,000 Metal-C 79,500 0 78,000 $ 591,000 $ 198,750 $ 1,155,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. Required: Compute the following: a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending inventory for Metal-C. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a. Net realizable value of Metal-C b. Joint costs c. Cost of Metal-B sold d. Ending inventory for Metal-C Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Mining $ 477,000 Plant A $ 420,000 Manufacturing overhead $ 393,000 $ 348,600 Plant B $ 285,000 $ 141,000 Products Units sold Units in ending inventory (December 31) Sales revenue Metal-A 231,000 79,500 Metal-B 204,000 Metal-C 79,500 0 78,000 $ 591,000 $ 198,750 $ 1,155,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. Required: Compute the following: a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending inventory for Metal-C. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a. Net realizable value of Metal-C b. Joint costs c. Cost of Metal-B sold d. Ending inventory for Metal-C
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