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a. The net realizable value of Metal-C for the period ended December 31. b. The Joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending Inventory for Metal-C. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar.

a. The net realizable value of Metal-C for the period ended December 31. b. The Joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending Inventory for Metal-C. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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S Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed In Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following: Mining $ 464,000 $ 380,000 Plant A $ 394,000 $ 330,400 a. Net realizable value of Metal-C b. Joint costs Plant B $ 272,000 $ 128,000 c. Cost of Metal-B sold d. Ending inventory for Metal-C Metal-A 218,000 73,000 $ 1,090,000 Metal-B 152,000 0 $ 578,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate Joint costs. a. The net realizable value of Metal-C for the period ended December 31. b. The Joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Metal-C 73,000 52,000 $ 182,500 Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending Inventory for Metal-C. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar.
Transcribed Image Text:S Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed In Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following: Mining $ 464,000 $ 380,000 Plant A $ 394,000 $ 330,400 a. Net realizable value of Metal-C b. Joint costs Plant B $ 272,000 $ 128,000 c. Cost of Metal-B sold d. Ending inventory for Metal-C Metal-A 218,000 73,000 $ 1,090,000 Metal-B 152,000 0 $ 578,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate Joint costs. a. The net realizable value of Metal-C for the period ended December 31. b. The Joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Metal-C 73,000 52,000 $ 182,500 Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending Inventory for Metal-C. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar.
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