☑ 11 Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Mining Plant A 01:58:22 $ 468,000 $ 402,000 Manufacturing overhead $ 384,000 $ 336,000 Plant B $ 276,000 $ 132,000 Products Units sold eBook Units in ending inventory (December 31) Sales revenue Metal-A 222,000 75,000 Metal-B 168,000 0 Metal-C 75,000 60,000 $ 1,110,000 $ 582,000 $ 187,500 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. Required: Compute the following: a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending inventory for Metal-C. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a. Net realizable value of Metal-C b. Joint costs c. Cost of Metal-B sold d. Ending inventory for Metal-C
☑ 11 Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Mining Plant A 01:58:22 $ 468,000 $ 402,000 Manufacturing overhead $ 384,000 $ 336,000 Plant B $ 276,000 $ 132,000 Products Units sold eBook Units in ending inventory (December 31) Sales revenue Metal-A 222,000 75,000 Metal-B 168,000 0 Metal-C 75,000 60,000 $ 1,110,000 $ 582,000 $ 187,500 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. Required: Compute the following: a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending inventory for Metal-C. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. a. Net realizable value of Metal-C b. Joint costs c. Cost of Metal-B sold d. Ending inventory for Metal-C
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:☑
11
Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three
products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed
in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended
December 31:
Process:
Labor
Mining
Plant A
01:58:22
$ 468,000 $ 402,000
Manufacturing overhead
$ 384,000
$ 336,000
Plant B
$ 276,000
$ 132,000
Products
Units sold
eBook
Units in ending inventory (December 31)
Sales revenue
Metal-A
222,000
75,000
Metal-B
168,000
0
Metal-C
75,000
60,000
$ 1,110,000
$ 582,000
$ 187,500
Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable
value method to allocate joint costs.
Required:
Compute the following:
a. The net realizable value of Metal-C for the period ended December 31.
b. The joint costs for the period ended December 31 to be allocated.
c. The cost of Metal-B sold for the period ended December 31.
Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.
d. The value of the ending inventory for Metal-C.
Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.
a. Net realizable value of Metal-C
b. Joint costs
c. Cost of Metal-B sold
d. Ending inventory for Metal-C
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