A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For the current period, unprocessed wheat was purchased for S 140,000, and the following quantities of product and sales revenues were produced. Product Pounds Price per pound Feed 110, 000 $ 0.80 Flour 50,000 2.20 Starch 20,000 1.10 How much of the $140, 000 cost should be allocated to flour if the value basis is used?

A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For the current period, unprocessed wheat was purchased for S 140,000, and the following quantities of product and sales revenues were produced. Product Pounds Price per pound Feed 110, 000 $ 0.80 Flour 50,000 2.20 Starch 20,000 1.10 How much of the $140, 000 cost should be allocated to flour if the value basis is used?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Fact Pattern: Atlas Foods produces the following three supplemental food products simultaneously through a refining process costing $93,000. The joint products, Alfa and Betters, have a final selling price of $4 per pound and $10 per pound, respectively, after additional processing costs of $2 per pound of each product are incurred after the split-off point. Morefeed, a by- product, is sold at the split-off point for $3 per pound. O A. $60,000 $31,000 $3,000 $30,000 O B. C. Alfa D. Betters Assuming Atlas Foods inventories Morefeed, the by-product, the joint cost to be allocated to Alfa using the net realizable value method is 10,000 pounds of Alfa, a popular but relatively rare grain supplement having a caloric value of 4,400 calories per pound 5,000 pounds of Betters, a flavoring material high in carbohydrates with a caloric value of 11,200 calories per pound Morefeed 1,000 pounds of Morefeed, used as a cattle feed supplement with a caloric value of 1,000 calories per pound
Intermediate Accounting: AGRICULTURE See attached photos. Thank you so much <3
3
9. Ralston Dairy gathered this data about the two products that it produces: Product Current Sales Value Estimated Added Processing Cost Sales Value If Processed Further Frozen yogurt $8,000 $2,000 $11,000 Ice Cream 12,000 7,000 18,000 PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). If needed, a Net Loss or decrease will be shown in whole dollars with "$" and parentheses - ($12,345). If processed further, what is the Frozen Yogurt's incremental profit or loss? If processed further, what is the Ice Cream's incremental profit or loss? Which of the products should be processed further? . Please note: Your answer is either "Frozen Yogurt" or "Ice Cream" - capital first letters and no quotes.
Please do not give solution in image format thanku
For each total fixed cost listed below, determine the fixed cost per unit when sales are 50, 100, and 200 units. Store rent $ 5,000 Manager’s salary 3,000 Equipment lease 500 Depreciation on fixtures 250
Wren Pork Company uses the value basis of allocating joint costs in its production of pork products. Relevant information for the current period follows: Product Pounds Price/lb. Loin chops 2,700 $5.00 Ground 9,000 2.00 Ribs 3,750 4.60 Ваcon 7,500 3.50 The total joint cost for the current period was $60,000. How much of this cost should Wren Pork allocate to Loin chops? Multiple Choice $0. $60,000. $14,400. $10,800.
Standard Direct Materials Cost per Unit Billingsly Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (7,100 bars) are as follows: Ingredient Quantity Price Cocoa 600 Ibs. $1.25 per Ib. Sugar 120 Ibs. $0.50 per Ib. Milk 180 gal. $2.60 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places. $ per bar