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2. Pickett Manufacturing uses a joint production process that produces three products at the split-off point. Joint production costs during April were $540,000. Product information for April was as follows: Product Units produced and sold Sales prices: R 12,000 At split-off After further processing Costs to process after split-off Which product should Pickett process further? (A) Product R (B) Product R and T Separable costs Selling price $15 21 $60,000 $11,000 $36,000 S 20,000 $11 15 $90,000 (C) Product T T 6,000 3. Ritz Foods produces two types of cereal: Frosted Flakes and Choco Crunch. The two products share joint costs of $20,000 in June. Following are the monthly data for two products: Frosted Flakes Choco Crunch Total $11,000 $24,000 $18 30 $60,000 (D) Product R, S and T $22,000 $60,000 When using the constant gross-margin percentage net realizable value method, what is the amount of joint costs that will be allocated to Frosted Flakes? (A) $10,000 (B) $11,905 (C) $12,000 (D) $14,200.

2. Pickett Manufacturing uses a joint production process that produces three products at the split-off point. Joint production costs during April were $540,000. Product information for April was as follows: Product Units produced and sold Sales prices: R 12,000 At split-off After further processing Costs to process after split-off Which product should Pickett process further? (A) Product R (B) Product R and T Separable costs Selling price $15 21 $60,000 $11,000 $36,000 S 20,000 $11 15 $90,000 (C) Product T T 6,000 3. Ritz Foods produces two types of cereal: Frosted Flakes and Choco Crunch. The two products share joint costs of $20,000 in June. Following are the monthly data for two products: Frosted Flakes Choco Crunch Total $11,000 $24,000 $18 30 $60,000 (D) Product R, S and T $22,000 $60,000 When using the constant gross-margin percentage net realizable value method, what is the amount of joint costs that will be allocated to Frosted Flakes? (A) $10,000 (B) $11,905 (C) $12,000 (D) $14,200.

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. Pickett Manufacturing uses a joint production process that produces three products at the split-off point. Joint production costs during April were $540,000. Product information for April was as follows: Product Units produced and sold Sales prices: At split-off After further processing Costs to process after split-off Which product should Pickett process further? (A) Product R (B) Product R and T R 12,000 Separable costs Selling price $15 21 $60,000 $11,000 $36,000 S 20,000 $11 15 $90,000 (C) Product T T 6,000 Ritz Foods produces two types of cereal: Frosted Flakes and Choco Crunch. The two products share joint costs of $20,000 in June. Following are the monthly data for two products: Frosted Flakes Choco Crunch Total $11,000 $24,000 $18 30 $60,000 (D) Product R, S and T $22,000 $60,000 When using the constant gross-margin percentage net realizable value method, what is the amount of joint costs that will be allocated to Frosted Flakes? (A) $10,000 (B) $11,905 (C) $12,000 (D) $14,200.
Transcribed Image Text:2. Pickett Manufacturing uses a joint production process that produces three products at the split-off point. Joint production costs during April were $540,000. Product information for April was as follows: Product Units produced and sold Sales prices: At split-off After further processing Costs to process after split-off Which product should Pickett process further? (A) Product R (B) Product R and T R 12,000 Separable costs Selling price $15 21 $60,000 $11,000 $36,000 S 20,000 $11 15 $90,000 (C) Product T T 6,000 Ritz Foods produces two types of cereal: Frosted Flakes and Choco Crunch. The two products share joint costs of $20,000 in June. Following are the monthly data for two products: Frosted Flakes Choco Crunch Total $11,000 $24,000 $18 30 $60,000 (D) Product R, S and T $22,000 $60,000 When using the constant gross-margin percentage net realizable value method, what is the amount of joint costs that will be allocated to Frosted Flakes? (A) $10,000 (B) $11,905 (C) $12,000 (D) $14,200.
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