Question: If Uncle Edward uses the sales value at split-off method to allocate the joint costs, determine gross margin In recognizing that both peoducts are sold

 If Uncle Edward uses the sales value at split-off method to
allocate the joint costs, determine gross margin In recognizing that both peoducts
are sold after further processing. (Round proportion to 1 decimal place, eg.

If Uncle Edward uses the sales value at split-off method to allocate the joint costs, determine gross margin In recognizing that both peoducts are sold after further processing. (Round proportion to 1 decimal place, eg. 0.2 and final answers to 0 decimal places, e. 5,125 .) Your Uncle Edward has a wool business in Ireland. The company first shears the sheep and then washes the wool, at which point it has wool fiber and crude lanolin. Then the wool fibers are further processed to make yarn, and the crude lanolin is processed further to make lanolincream. Uncle Edward asks for your help in allocating costs and determining profitability. Here is the information he sent: If Uncle Edward uses the NRV method to allocate joint costs, determine gross margin for each product, again recognizing that both products are sold after further processing, (Round answers to 2 decimal ploces, eg. 15.25.)

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!