7-26 Joint Products Bravo Company produces joint products J, K, and B from a joint process. This infor-mation concerns a batch produced in April at a joint cost of S60,000:Units ProducedAfter Split-OffProductand SoldTotal Additional Costs Total Final Sales Value$10,00010,0005,000J1,0002,0004,000$90,00050,00010,000KBRequired How much of the joint cost should be allocated to each joint product using the net realizablevalue method?

Firms usually manufacture several products in a single process, and the expenses of the processes…

Answered: 7-26 Joint Products Bravo Company…

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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Process 1 AP beer company prepare beer using two processes, information for the next period is as follows: Input materials 2,000 Kgs @ a total cost of 22,000 Labor costs $12,000 Overhead costs 65% of Labor Normal loss is estimated to be 10% of input Losses may be sold as scrap for $15 per Kg Actual output 1,720 Kgs Process 2 Input from process 1 Labor cost $15,500 Overhead costs 65% of Labor Actual output 1,658 Kgs Losses may be sold as scrap for $12 per Kg Required i. Prepare process account one ii. Complete process account 2
Required information Problem 17-30 Joint Cost Allocation; Missing Data (LO 17-4) [The following information applies to the questions displayed below.] Berger Company manufactures products Delta, Kappa, and Omega from a joint process. Production, sales, and cost data for July follow. Units produced Joint cost allocation. Sales value at split-off Additional costs if processed further Sales value if processed further Problem 17-30 Part 2 Sales value at split-off for Delta Delta Kappa Omega Delta 5,800 $ 68,400 ? $ 8,800 $160,000 Kappa 3,080 Allocation of Joint Costs Omega 1,720 2. Assuming that joint costs are allocated using the relative-sales-value method, what was the sales value at split-off for product Delta? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) ? ? $28,500 $ 6,800 $ 4,800 $70,000 $65,000 Total 10,600 $ 96,000 $190,000 $ 20,400 $295,000 3. Use the net-realizable-value method to allocate the joint production costs to the three…
Exercise 8-4. JOINT COST ALLOCATION - MARKET VALUE METHOD SP Company produces three products: S, I and P, as the result of initial joint processing plus separable processing after the split-off point. Records for July show the following: Total P150,000 S P. Materials used 170,000 Joint processing cost Further processing costs Units produced P50,000 6,000 4,000 P 50.00 P80,000 12,000 P70,000 6,250 Units sold 9,000 4,250 Unit sales price P 37.50 P 40.00
Discuss briefly the role unions and government agencies play in the design of procedures for the HR management process.
21. Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are available: a. • P2.033 b. • P1.985 c. • P2.045 d. • P2.106
31 - In the enterprise, which applies the phase cost method, the production of 2,500 tons of products was completed in the first phase of the production period and sent to the other phase. In addition, there are 1,000 tons of semi-finished products, 50% of which are completed in the first phase. What is the total equivalent production amount? a) 3,000 B) 2,250 NS) 2,500 D) 500 TO) 1,250
A-1
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Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: If Processed Further Sales Value at Additional Product Chem-1 Chem-2 Units Produced 291,000 Split-Off Costs Sales Values $ 223,000 $ 33,000 $ 263,000 179,000 Chem-3 195,000 Chem-4 147,000 812,000 267,000 152,600 249,400 29,700 293,000 25,200 183,000 26,600 273,000 $ 892,000 $ 114,500 $ 1,012,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Product NRV at Split- Off Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4
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44 ABC Company uses a backflush costing system with three trigger points: Purchase of direct materials Completion of finished units Sale of finished units The following data are provided for April 2022: Purchase of raw materials – P3,000,000 Conversion costs incurred – P800,000 Standard direct material cost is P100 per unit while standard conversion cost is P25 per unit. ABC Company produced 28,500 units and was able to sell 28,300 units. How much is the Raw and In Process account as of the end of April?
Heidelberg Fabrication manufactures two products, G -09 and G-35: \table[[, G- 69, G-35], [Units produced, 18,700, 3, 740], [Direct materials cost per unit, $7,$19 C Heidelberg Fabrication manufactures two products, G-09 and G-35: G-09 6-35 Units produced 18,700 3,740 Direct materials cost per unit Machine-hours per unit $ 7 $ 19 Production runs per quarter 4 144 7 72 Production at the plant is automated and any labor cost is included in overhead. Data on manufacturing overhead at the plant follow: Machine depreciation Setup labor Materials handling Total $ 100,980 50,490 40,392 $ 191,862 Required: a. Compute the unit costs for the two products, G-09 and G-35, using the current costing system at Heidelberg (using machine-hours as the allocation basis). b. Compute the unit costs for the two products, G-09 and G-35, using the proposed ABC system at Heidelberg. Note: For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. Unit Cost G-09 G-35…

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