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3. If Lane uses the net realizable value method of allocating joint costs, how much of che joint cost should be allocated to product K. P 18,800 K P 20,000 P 26,667 d. NRV 40 000 35 000 a. 1000 40 00D b. I500 SO0 35 000 7 000 3000 4 000 P 27,432

3. If Lane uses the net realizable value method of allocating joint costs, how much of che joint cost should be allocated to product K. P 18,800 K P 20,000 P 26,667 d. NRV 40 000 35 000 a. 1000 40 00D b. I500 SO0 35 000 7 000 3000 4 000 P 27,432

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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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 followwing information pertains to production in July, 2019 at a joint cost of P 54,000. UNITS IF PROCESSED FURTHER PRODUCT PRODUCED 1,000 1,500 MARKET VALUE 40,000 35,000 7,000 COST AFTER SPLIT-OFF P 0 0 K P W 500 3,000
Transcribed Image Text: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 followwing information pertains to production in July, 2019 at a joint cost of P 54,000. UNITS IF PROCESSED FURTHER PRODUCT PRODUCED 1,000 1,500 MARKET VALUE 40,000 35,000 7,000 COST AFTER SPLIT-OFF P 0 0 K P W 500 3,000
3. If Lane uses the net realizable value method of allocating joint costs, how much of the joint cost should be allocated to product K. NRV P 18,800 K P 20,000 P 26,667 P 27,432 a. 1000 40 000 40 00 35000 b. 000 SO 35 00 C. 7000 3000 4 000 d. 3 000 3000 79 000 54 000
Transcribed Image Text:3. If Lane uses the net realizable value method of allocating joint costs, how much of the joint cost should be allocated to product K. NRV P 18,800 K P 20,000 P 26,667 P 27,432 a. 1000 40 000 40 00 35000 b. 000 SO 35 00 C. 7000 3000 4 000 d. 3 000 3000 79 000 54 000
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