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A dairy company processed raw milk for $65,500. This raw milk can be converted into the following types of milk with listed sales walues. Joint Products Whole milk 28 milk Skim milk Total Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk. Joint Products Sales Value $ 30,500 48,800 42,700 $ 122,000 Whole milk 2% milk Skim milk Totals Sales Value Numerator Percent of Total Denominator % of Total Allocated Cost Gross Profit

A dairy company processed raw milk for $65,500. This raw milk can be converted into the following types of milk with listed sales walues. Joint Products Whole milk 28 milk Skim milk Total Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk. Joint Products Sales Value $ 30,500 48,800 42,700 $ 122,000 Whole milk 2% milk Skim milk Totals Sales Value Numerator Percent of Total Denominator % of Total Allocated Cost Gross Profit

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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A dairy company processed raw milk for $65,500. This raw milk can be converted into the following types of milk with listed sales values. Joint Products Whole milk 2% milk Skim milk Total Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk. Joint Products Sales Value $ 30,500 48,800 42,700 $ 122,000 Whole milk 2% milk Skim milk Totals Sales Value Numerator Percent of Total Denominator % of Total Allocated Cost Gross Profit
Transcribed Image Text:A dairy company processed raw milk for $65,500. This raw milk can be converted into the following types of milk with listed sales values. Joint Products Whole milk 2% milk Skim milk Total Use the sales value basis to (1) allocate the total cost of the raw milk to each type of milk and (2) determine the gross profit for each type of milk. Joint Products Sales Value $ 30,500 48,800 42,700 $ 122,000 Whole milk 2% milk Skim milk Totals Sales Value Numerator Percent of Total Denominator % of Total Allocated Cost Gross Profit
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