PLEASE COMPLETE ALL HIGHLIGHTED SECTIONS AND FOLLOW INSTRUCTIONS.

SHEET ONE:

1) Using the information provided from Worksheet 1, calculate the joint costs that should be assigned to each joint product using the Net Realizable Method; assuming only Honey is further processed (Wax and Honeycomb are sold at their "raw" prices and incur no additional processing costs) Honey Wax Honeycomb Total Sales Price (Sheet1) Units Sold (Sheet1) Total Sales Revenue Less: Additional Processing Costs (if any) (Sheet1) Net Realizable Value (NRV) Percentage of NRV Total Joint Costs Assigned (Sheet 1 *B10) $204,400 $33,000 $171,400 100% $65,000 $47,555 $ 7,964 $9,481 $65,000 2) Under the NRV, summarize the components of the gross profit for each joint product. Honey Honeycomb Wax Total Total Sales Revenue Allocated Joint Costs Additional Processing Costs Gross Profit $204,400 $65,000 $33,000 $106,400 $ 77,845 $13,036 $15,519 $106,400 The following provides the grading criteria for Sheet 2 Sheet 2 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) c. Properly complete instructions & computations (8 pts) 3) Using the information provided on Sheet 1, calculate the total cost that should be assigned to the joint products using the Constant Gross Margin Method; assuming Honey is the only product further processed. (Wax and Honeycomb are sold at their "raw" prices and incur no additional processing costs) % of Total Revenue Honey Wax Honeycomb Total Total $204,400 $33,000 $65,000 $ 106,400 % of Total Revenue 100.00% 16.14% 31.80% 52.05% Total Sales Revenue (Sheet 1) Separable (Additional Processing) Costs (Sheet 1) Joint Costs (from sheet 1) Gross Margin Gross Margin per line (Total Sales Revenue *Gross Margin %) Less: Total Costs (Gross Margin - Total Sales Revenue) Less: Separable (Additional Processing) Costs (Sheet 1) Allocated Joint Costs $42,945 $10,068 $11,986 $65,000 4) From the above schedule, summarize the components of the gross profit for each joint product. Honey Wax Honeycomb Total Total Sales Revenue Allocated Joint Costs Additional Processing Costs Gross Profit $204,400 $65,000 $33,000 $106,400 $82,455 $ 10,932 $13,014 The following provides the grading criteria for Sheet 3 Sheet 3 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) C. Properly complete instructions & computations (8 pts) 5) Summarize and compare the gross profit produced by NRV and Gross Profit methods Honey Wax Honeycomb Total NRV Method Sales Seperable & Allocated Joint Costs Net Profit % of sales Honey Wax Honeycomb Total Gross Profit Method Sales Seperable & Allocated Joint Costs Net Profit % of sales The following provides the grading criteria for Sheet 4 Sheet 4 of this workbook will be graded using the following criteria. (6 pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2pts.) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00) (1 pt) c. Properly complete instructions & computations (3 pts) Net Realizable Value Joint Cost Allocation For each JP 1) Using the information provided from Worksheet 1, calculate the joint costs that should be assigned to each joint product using the Net Realizable Method if each product is SP after processing units sold $158,400 Total Sales Wax Honeycom Total $33,000 Additional Processing Costs Sales Price After Processing (Sheet1) Units Sold (Sheet1) Total Sales Revenue (B5*B6) Less: Additional Processing Costs (if any) (Sheet1) Net Realizable Value (NRV) Percentage of NRV (B9/G9) Total Joint Costs Assigned (Sheet 1*810) Honey $24 $6,600 $158,400 $33,000 $125,400 73.16% $47,555 $125,400 NRV Total sales - add'l processing costs 73% NRV / total NRV NRV as % of Total NRV of all JP % NRV * JC $47,555 % of NRV as JPC Washington Apiary Summary of costs and production Honey Wax Honeycomb Propolis Product: Sales price (without processing further) $ 3.00 $ 3.50 $ 5.00 $ 26.00 $ 5.00 $ 2.00 $ 10.00 Cost to process further Sales Price (after futher processing) Pounds produced $ 24.00 $ 10.00 $ 15.00 6,600 6,000 5,000 200 Joint Costs $65,000 All prices and costs are per pound. The price for wax is what Wedgewood is proposing The apiary does produce royal jelly, but in insufficient quantities to be material to our calculations The following provides the following criteria for which I will be grading your Chapter 6 Concepts Assignment (30 pts.) Sheet 1 contains no grading criteria. It contains the input for starting the remainder of the workbook. Sheet 2 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) c. Properly complete instructions & computations (8 pts) Sheet 3 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) c. Properly complete instructions & computations (8 pts) Sheet 4 of this workbook will be graded using the following criteria. (6 pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2pts.) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00) (1 pt) c. Properly complete instructions & computations (3 pts) 1) Using the information provided from Worksheet 1, calculate the joint costs that should be assigned to each joint product using the Net Realizable Method; assuming only Honey is further processed (Wax and Honeycomb are sold at their "raw" prices and incur no additional processing costs) Honey Wax Honeycomb Total Sales Price (Sheet1) Units Sold (Sheet1) Total Sales Revenue Less: Additional Processing Costs (if any) (Sheet1) Net Realizable Value (NRV) Percentage of NRV Total Joint Costs Assigned (Sheet 1 *B10) $204,400 $33,000 $171,400 100% $65,000 $47,555 $ 7,964 $9,481 $65,000 2) Under the NRV, summarize the components of the gross profit for each joint product. Honey Honeycomb Wax Total Total Sales Revenue Allocated Joint Costs Additional Processing Costs Gross Profit $204,400 $65,000 $33,000 $106,400 $ 77,845 $13,036 $15,519 $106,400 The following provides the grading criteria for Sheet 2 Sheet 2 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) c. Properly complete instructions & computations (8 pts) 3) Using the information provided on Sheet 1, calculate the total cost that should be assigned to the joint products using the Constant Gross Margin Method; assuming Honey is the only product further processed. (Wax and Honeycomb are sold at their "raw" prices and incur no additional processing costs) % of Total Revenue Honey Wax Honeycomb Total Total $204,400 $33,000 $65,000 $ 106,400 % of Total Revenue 100.00% 16.14% 31.80% 52.05% Total Sales Revenue (Sheet 1) Separable (Additional Processing) Costs (Sheet 1) Joint Costs (from sheet 1) Gross Margin Gross Margin per line (Total Sales Revenue *Gross Margin %) Less: Total Costs (Gross Margin - Total Sales Revenue) Less: Separable (Additional Processing) Costs (Sheet 1) Allocated Joint Costs $42,945 $10,068 $11,986 $65,000 4) From the above schedule, summarize the components of the gross profit for each joint product. Honey Wax Honeycomb Total Total Sales Revenue Allocated Joint Costs Additional Processing Costs Gross Profit $204,400 $65,000 $33,000 $106,400 $82,455 $ 10,932 $13,014 The following provides the grading criteria for Sheet 3 Sheet 3 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) C. Properly complete instructions & computations (8 pts) 5) Summarize and compare the gross profit produced by NRV and Gross Profit methods Honey Wax Honeycomb Total NRV Method Sales Seperable & Allocated Joint Costs Net Profit % of sales Honey Wax Honeycomb Total Gross Profit Method Sales Seperable & Allocated Joint Costs Net Profit % of sales The following provides the grading criteria for Sheet 4 Sheet 4 of this workbook will be graded using the following criteria. (6 pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2pts.) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00) (1 pt) c. Properly complete instructions & computations (3 pts) Net Realizable Value Joint Cost Allocation For each JP 1) Using the information provided from Worksheet 1, calculate the joint costs that should be assigned to each joint product using the Net Realizable Method if each product is SP after processing units sold $158,400 Total Sales Wax Honeycom Total $33,000 Additional Processing Costs Sales Price After Processing (Sheet1) Units Sold (Sheet1) Total Sales Revenue (B5*B6) Less: Additional Processing Costs (if any) (Sheet1) Net Realizable Value (NRV) Percentage of NRV (B9/G9) Total Joint Costs Assigned (Sheet 1*810) Honey $24 $6,600 $158,400 $33,000 $125,400 73.16% $47,555 $125,400 NRV Total sales - add'l processing costs 73% NRV / total NRV NRV as % of Total NRV of all JP % NRV * JC $47,555 % of NRV as JPC Washington Apiary Summary of costs and production Honey Wax Honeycomb Propolis Product: Sales price (without processing further) $ 3.00 $ 3.50 $ 5.00 $ 26.00 $ 5.00 $ 2.00 $ 10.00 Cost to process further Sales Price (after futher processing) Pounds produced $ 24.00 $ 10.00 $ 15.00 6,600 6,000 5,000 200 Joint Costs $65,000 All prices and costs are per pound. The price for wax is what Wedgewood is proposing The apiary does produce royal jelly, but in insufficient quantities to be material to our calculations The following provides the following criteria for which I will be grading your Chapter 6 Concepts Assignment (30 pts.) Sheet 1 contains no grading criteria. It contains the input for starting the remainder of the workbook. Sheet 2 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) c. Properly complete instructions & computations (8 pts) Sheet 3 of this workbook will be graded using the following criteria. (12 total pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2 pts) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00). (2 pts) c. Properly complete instructions & computations (8 pts) Sheet 4 of this workbook will be graded using the following criteria. (6 pts.) a. Cells orange should have no manual data input except for Excel formulas or data references to/from other cells in the workbook. Cells in green may accept manual data input (2pts.) b. All cells should have proper report formatting. Cells with dollars should be formatted with the $ prefix.. Cells with dollars and cents should have the dollars and cents format ($00.00) (1 pt) c. Properly complete instructions & computations (3 pts)