Please show your working in Excel. I strictly need this in excel with all formulas and explanations shown TabloM923413A181920212223TUILLfxAnymmenDTUITIVUIEx ✓BCHIJPetro-Edge Corporation manufactures specialized oils and lubricants for the aviation industry.One product group, manufactured in a joint production process, is the Lub-eez group (products A,B, and C) used for a variety of harsh climate lubrication conditions.Cell Styles ✓F1234567891011 a Show how Petro-Edge would allocate the joint production costs to the three products under:121Physical measure method (gallons)2Sales value at the split-off method14 b Determine which products Petro-Edge should fully process. Then show how Petro-Edgewould allocate the joint production costs under the net realizable value method.1516 c Prepare partial income statements for all three products under each allocation method.Assume that Petro-Edge fully processes when it should and does not fully process when itshould not. Explain why the gross margin percentage changes across methods.17PullOGThe company intends to manufacture 100,000 gallons of A, 60,000 gallons of B, and 40,000gallons of C. Joint costs for this batch are $360,000. Costs after split-off are $80,000, $90,000,and $160,000, respectively for the three products.Petro-Edge can sell A for $2 per gallon at the split-off or $3 per gallon if fully processed.It can sell B for $3.50 per gallon at the split-off or $5 per gallon if fully processed.It can sell C for $6 per gallon at the split-off or $9 per gallon if fully processed.LullintyKAllary 20DataLSCHSRivityMN0P

A cost-allocation mechanism called the Sales-Value-at-Split-Off Method divides up joint costs among…

a Show how Petro-Edge would allocate the joint production costs to the three products under: 1 Physical measure method (gallons) 2 Sales value at the split-off method b Determine which products Petro-Edge should fully process. Then show how Petro-Edge would allocate the joint production costs under the net realizable value method. c Prepare partial income statements for all three products under each allocation method. Assume that Petro-Edge fully processes when it should and does not fully process when it should not. Explain why the gross margin percentage changes across methods.

a Show how Petro-Edge would allocate the joint production costs to the three products under: 1 Physical measure method (gallons) 2 Sales value at the split-off method b Determine which products Petro-Edge should fully process. Then show how Petro-Edge would allocate the joint production costs under the net realizable value method. c Prepare partial income statements for all three products under each allocation method. Assume that Petro-Edge fully processes when it should and does not fully process when it should not. Explain why the gross margin percentage changes across methods.

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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