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 $240,000, and the following quantities of product and sales revenues wereproduced.Product Sales ValueFeed $ 90,000Flour 110,000Starch 20,000Total $ 220,000How much of the $240,000 cost should be allocated to feed if the value basis is used? (Round your intermediatepercentage to the nearest whole percent.)Multiple Choice$0.$98,400.$90,000.$133,333.$240,000.A company has sales of $109,000; cost of goods sold of $69,870; and total direct expenses of $7,620. The department'contribution to overhead is:Multiple Choice$101,380.$77,490.$62,250.$31,510.$39,130.Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of officeexpenses are allocated to the two operating departments using different allocation bases. The following information isavailable for the current period:Office Expenses TotalSalaries$ 45,000Allocation BasisNumber of employeesDepreciation 23,000 Cost of goods soldAdvertising 46,000 Percentage of total salesDepartment Number of employees Sales Cost of goods soldDrilling 1,400$ 344,000 $98,800Grinding516,000161,200Total$860,000 $ 260,0002,100$22,000.$18,000.3,500The amount of salaries that should be allocated to Drilling for the current period is:Multiple Choice$45,000.$27,000.$29,800.

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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 $240,000, and the following quantities of product and sales revenues were produced. Product Sales Value Feed $ 90,000 Flour 110,000 Starch 20,000 Total $ 220,000 How much of the $240,000 cost should be allocated to feed if the value basis is used? (Round your intermediate percentage to the nearest whole percent.) Multiple Choice $0. $98,400. $90,000. $133,333. $240,000.

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 $240,000, and the following quantities of product and sales revenues were produced. Product Sales Value Feed $ 90,000 Flour 110,000 Starch 20,000 Total $ 220,000 How much of the $240,000 cost should be allocated to feed if the value basis is used? (Round your intermediate percentage to the nearest whole percent.) Multiple Choice $0. $98,400. $90,000. $133,333. $240,000.

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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