The ABC Company operates a simple chemical process to convert a single material into three separate items, referred to here as X Y and Z. All three and products are separated simultaneously at a single splitoff point Click the icon for additional information) During 2017, the selling prices of the items and the total amounts sold were as follows: Click the icon to view the information) Read the requirements X - 100 tons sold for $1,200 per ton Y - 280 tons sold for $900 per ton . Z-540 tons sold for $600 per ton The total joint manufacturing costs for the year were $352,000. ABC spent an additional $200,000 to finish product Z. There were no beginning inventories of X, Y, or Z. At the end of the year, the following inventories of completed units were on hand: X, 300 tons; Y, 120 tons; Z, 60 tons. There was no beginning or ending work in process. Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for at the splitoff point. The selling prices quoted here are expected to remain the same in the coming year. Requirement. Compute the cost of enteres of X, Y. and for blanc sheet purposes and the cost of goods told for income statement purposes as of December 31, 2017. Using the (NRV. and to lontant groen-margin percentage NRV cost section methods (a) Start with the NRV con location methat. Bogin by computing the naredizaba value for sell production at the port of soft and the weighting for each product. Er the weights to decine) Netrebe we of tot prin Weigene Coleculate the fourt conte located to each of the tre products and enter them into the table below news, enter the distracts to process each product for the priory, to determine the total production cont of each product using the NICV method for any balance) NRV Joncos Ancol Towroductos Denne the forma needed to come the cost of good on the NRV Cost of NV Compute the coof goods sold for constanta putes and December 31, 2017. The NRV con location med NAV Cost of Determine the formule needed to compute the cost of ending weterysing the method Ending to INV method Compute the cost of inventories XY and Z torbice sheet purposes as of December 31, 2017 using the NRV cost location method NRV z Total Endi mentary th|Compute the cost of mentories of X Y and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2017 using the constant gross-margin percentage NAV cost blocation method ABC content from magnetortage for the prod ending December 31, 2017 Dumine the total costato produce the products under the constant gross-margin percentage R/ cast alone Constant GM purtage Total Finale of total production oss margin Total production con Determine the formule needed to compute the cost of goods sold in the contest grow margin(M) percentag NRV metros Constant - Cost of good old Compute the cost of our sold for toome aument purposes as December 31, 2017 in the constant gross margin percentage NRV cost od mod Coperta NV TO Costo de sold Determine the formula needed to compute the ending inventory using the constant gross-margin percentage NRV method. Ending inventory Constant GMX) Compute the cost of inventories of X Y and Z for balance sheet purposes as of December 31, 2017, using the constant gross-margin percentage NRV cost allocation method. Constant GM percentage NRV method: Y Total Ending inventory Requirement 2 Compare the gross-margin percentages for X Y and Z using the two methods given in requirement 1. Round the gross margin percentages to one decimal place, XX%) Alocation method z NRV Constant GM percentage NRV X Y The ABC Company operates a simple chemical process to convert a single material into three separate items, referred to here as X Y and Z. All three and products are separated simultaneously at a single splitoff point Click the icon for additional information) During 2017, the selling prices of the items and the total amounts sold were as follows: Click the icon to view the information) Read the requirements X - 100 tons sold for $1,200 per ton Y - 280 tons sold for $900 per ton . Z-540 tons sold for $600 per ton The total joint manufacturing costs for the year were $352,000. ABC spent an additional $200,000 to finish product Z. There were no beginning inventories of X, Y, or Z. At the end of the year, the following inventories of completed units were on hand: X, 300 tons; Y, 120 tons; Z, 60 tons. There was no beginning or ending work in process. Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for at the splitoff point. The selling prices quoted here are expected to remain the same in the coming year. Requirement. Compute the cost of enteres of X, Y. and for blanc sheet purposes and the cost of goods told for income statement purposes as of December 31, 2017. Using the (NRV. and to lontant groen-margin percentage NRV cost section methods (a) Start with the NRV con location methat. Bogin by computing the naredizaba value for sell production at the port of soft and the weighting for each product. Er the weights to decine) Netrebe we of tot prin Weigene Coleculate the fourt conte located to each of the tre products and enter them into the table below news, enter the distracts to process each product for the priory, to determine the total production cont of each product using the NICV method for any balance) NRV Joncos Ancol Towroductos Denne the forma needed to come the cost of good on the NRV Cost of NV Compute the coof goods sold for constanta putes and December 31, 2017. The NRV con location med NAV Cost of Determine the formule needed to compute the cost of ending weterysing the method Ending to INV method Compute the cost of inventories XY and Z torbice sheet purposes as of December 31, 2017 using the NRV cost location method NRV z Total Endi mentary th|Compute the cost of mentories of X Y and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2017 using the constant gross-margin percentage NAV cost blocation method ABC content from magnetortage for the prod ending December 31, 2017 Dumine the total costato produce the products under the constant gross-margin percentage R/ cast alone Constant GM purtage Total Finale of total production oss margin Total production con Determine the formule needed to compute the cost of goods sold in the contest grow margin(M) percentag NRV metros Constant - Cost of good old Compute the cost of our sold for toome aument purposes as December 31, 2017 in the constant gross margin percentage NRV cost od mod Coperta NV TO Costo de sold Determine the formula needed to compute the ending inventory using the constant gross-margin percentage NRV method. Ending inventory Constant GMX) Compute the cost of inventories of X Y and Z for balance sheet purposes as of December 31, 2017, using the constant gross-margin percentage NRV cost allocation method. Constant GM percentage NRV method: Y Total Ending inventory Requirement 2 Compare the gross-margin percentages for X Y and Z using the two methods given in requirement 1. Round the gross margin percentages to one decimal place, XX%) Alocation method z NRV Constant GM percentage NRV X Y