Question: Help, answer and explanation pls. thankyou. Statement 1: Using the reversal method in accounting for by-products will decrease the cost of the main product. Statement

Help, answer and explanation pls. thankyou.

Statement 1: Using the reversal method in accounting for by-products will decrease the cost of the main product.

Statement 2: Using the reversal method in accounting for by-products, the work in process account for main product is credited upon the completion of the by-products.

a. Only Statement 1 is correct.

b. Both Statements are incorrect.

c. Only Statement 2 is correct.

d. Both Statements are correct.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

the last question i dont understand * Exercise 15-24 (similar to) Question Help Nunavut Mining Company (NMC) mines coal, puts it through a one-step crushing process, and loads the bulk raw coal onto...

Q1 . Read the attached Case study 1 then answer the questions at the end ( a-e ) the citation has to include the web link and date retrieved. Q2 . Read the questions on IFRS1 then answer using the...

hi can you upload the solution of it? and do you have exam paper of 5953 last semeter? OFFICE USE ONLY Mock Examination Faculty of Business and Economics Department of Accounting EXAM CODES: ACF5953...

Read the questions in IFRS2-7 then answer them using the M&S annual reports for the year ended April 2, 2016. (provide complete and comprehensive answers. Also, do not have any grammatical errors) DO...

The financial statements of The North West Company Inc. are presented in Appendix A at the end of this book. (a) Using the statement of earnings (statement of income), answer the following questions:...

Need help in writing attached paper. The paper has to be on CVS Health. I am also attaching the assignments from week 1 to week 5. Thank you, ASSIGNMENTS OF WEEK 1 TO WEEK 5 Week 1 I would like to...

Using Your Judgment Financial Reporting Problem Marks and Spencer plc (M&S) The financial statements of M&S (GBR) are presented in Appendix bellow. The complete annual report, including the notes to...

Instructions: Attached is the contingency footnote for the Walt Disney Company.Included in footnote is a note about a lawsuit from Beef Products.There is a statement that the company is the defendant...

Consider the concentration data in Exercise 10.20. Construct a CUSUM chart on the residuals from the model you fit in part (c) of that exercise.

Rhea is a freelance professional singer. She lives in a rented apartment and uses one room exclusively as a business office. This room includes 480 of the 2,400 square feet of living space in the...

P10.7 (LO 1, 2) (Depreciation for Partial PeriodsSL, Act., SYD, and DDB) On January 1, 2023, a machine was purchased for $90,000. The machine has an estimated residual value of $6,000 and an...

what strategies the organization should adopt to better manage the future technological changes?

=+1. Write down a description of your personal brand. What type of personal brand do you have? What do you want to be online?

=+Discuss best practices and expectations for applying for social media positions

=+Explain the key responsibilities of each social media role