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 Manufacturing overhead Mining $ 462,000 $ 398,000 Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following Plant A $430,000 $ 355,600 Plant B $ 290,000 $ 146,000 Hetal-A 236,000 82,000 $ 1,180,000 Metal-C 82,000 88,000 $ 596,000 $ 205,000 Metal-B 224,000 0 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 6. 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. D 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 Manufacturing overhead Mining $ 462,000 $ 398,000 Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following Plant A $430,000 $ 355,600 Plant B $ 290,000 $ 146,000 Hetal-A 236,000 82,000 $ 1,180,000 Metal-C 82,000 88,000 $ 596,000 $ 205,000 Metal-B 224,000 0 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 6. 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. D C
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Related Book For
Intermediate Accounting
ISBN: 978-1118300855
10th Canadian Edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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