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10,000 Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: Units produced. Joint costs Sales value at split-off X 20,000 ? 9. b. PRODUCTS Y 20,000 ? P300,000 P150,000 Joint costs were allocated using the sales value-off method. 2. The joint costs allocated to product X were: P. 75,000 P 100,000 CP 150,000 d. P 168,000. Z 10,000 ? P 10,000 TOTAL 50,000, P 262,000 P 460,000

10,000 Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: Units produced. Joint costs Sales value at split-off X 20,000 ? 9. b. PRODUCTS Y 20,000 ? P300,000 P150,000 Joint costs were allocated using the sales value-off method. 2. The joint costs allocated to product X were: P. 75,000 P 100,000 CP 150,000 d. P 168,000. Z 10,000 ? P 10,000 TOTAL 50,000, P 262,000 P 460,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chapter 11 Joint Products and By-Products MULTIPLE CHOICE Lee Co. produces two joint products, Bex and Rom. Joint production costs for June, 2016 were P 30,000. During June, 2008, further processing costs beyond the split off point needed to convert the products into salable form, were P 25,000 and P 35.000 for 1,600 units of Bex and 800 units of Rom, respectively. Bex sells for P 50 per unit, and Rom sells for P 100 per unit. Lee uses the net realizable value method for allocating joint product costs... Wh 1. For June, 2016, the joint costs allocated to product Bex were 20,000 b. P 16,500 D00 10,000 Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: PRODUCTS Y X 20,000 20,000. ? ? P300,000 P150,000 Joint costs were allocated using the sales value-off method. Units produced. Joint costs Sales value at split-off 2. The joint costs allocated to product X were: P. 75,000 9. b. P 100,000 CP 150,000 d. P 168,000. UNITS PRODUCT PRODUCED K W Z 383 Z 10,000 ? P 10,000 1,000 1,500 500 Lane Co. produces main products K and W. The process also yields by-product Z. Net realizable value of by-product Z is subtracted from joint production cost of K and W The following information pertains to production in July, 2008 at a joint cost of P 54,000. TOTAL 50,000 P 262,000 P 460,000 07 IF PROCESSED FURTHER MARKET VALUE PL 35.000 7,000 COST AFTER SPLIT-OFF P 0 0 3,000 A
Transcribed Image Text:Chapter 11 Joint Products and By-Products MULTIPLE CHOICE Lee Co. produces two joint products, Bex and Rom. Joint production costs for June, 2016 were P 30,000. During June, 2008, further processing costs beyond the split off point needed to convert the products into salable form, were P 25,000 and P 35.000 for 1,600 units of Bex and 800 units of Rom, respectively. Bex sells for P 50 per unit, and Rom sells for P 100 per unit. Lee uses the net realizable value method for allocating joint product costs... Wh 1. For June, 2016, the joint costs allocated to product Bex were 20,000 b. P 16,500 D00 10,000 Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: PRODUCTS Y X 20,000 20,000. ? ? P300,000 P150,000 Joint costs were allocated using the sales value-off method. Units produced. Joint costs Sales value at split-off 2. The joint costs allocated to product X were: P. 75,000 9. b. P 100,000 CP 150,000 d. P 168,000. UNITS PRODUCT PRODUCED K W Z 383 Z 10,000 ? P 10,000 1,000 1,500 500 Lane Co. produces main products K and W. The process also yields by-product Z. Net realizable value of by-product Z is subtracted from joint production cost of K and W The following information pertains to production in July, 2008 at a joint cost of P 54,000. TOTAL 50,000 P 262,000 P 460,000 07 IF PROCESSED FURTHER MARKET VALUE PL 35.000 7,000 COST AFTER SPLIT-OFF P 0 0 3,000 A
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