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2) The inventory section of the balance sheet Edward Company Balance Sheet Assets LA

2) The inventory section of the balance sheet Edward Company Balance Sheet Assets LA

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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(2) The inventory section of the balance sheet Edward Company Balance Sheet Assets LA
Transcribed Image Text:(2) The inventory section of the balance sheet Edward Company Balance Sheet Assets LA
At Edward's company, two types of candles are created from the common melting and molding process: pillar candles and votive candles (eight votives per pack; one pack is one unit). The costs of the joint process total $61,800. The votive candles are sold directly after production, but the pillar candles are further etched and designed to increase their value. The quantities, costs, and values of these products as produced and sold are as follows. Production units at split-off Units sold at split-off Further processing cost Production units after further processing Units sold after further processing Sales price per unit Pillar Candles 20,000 $4 Votive Candles 10,000 5,000 $2.06 Etched, Decorated Pillar Candles $9,000 20,000 15,000 $6
Transcribed Image Text:At Edward's company, two types of candles are created from the common melting and molding process: pillar candles and votive candles (eight votives per pack; one pack is one unit). The costs of the joint process total $61,800. The votive candles are sold directly after production, but the pillar candles are further etched and designed to increase their value. The quantities, costs, and values of these products as produced and sold are as follows. Production units at split-off Units sold at split-off Further processing cost Production units after further processing Units sold after further processing Sales price per unit Pillar Candles 20,000 $4 Votive Candles 10,000 5,000 $2.06 Etched, Decorated Pillar Candles $9,000 20,000 15,000 $6
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