After allocating the joint process costs to its two joint products, Waterway Co. reports gross margin percentages and 35% for Product B. Sales reported for each product were $23,000 for Product A and $65,000 for Product B. Neither of the two products were processed beyond the split-off point. Calculate the total amount of joint costs assigned between the two products. Product A Allocated joint costs $ 17,250 $ Product B 42.250 Assuming Waterway used the physical quantities method to allocate the joint costs, what percentage of the total production volume did Product B represent? (Round answer to 2 decimal places, e.g. 15.25%.) Proportion of joint costs assigned to product B 71,01 %
After allocating the joint process costs to its two joint products, Waterway Co. reports gross margin percentages and 35% for Product B. Sales reported for each product were $23,000 for Product A and $65,000 for Product B. Neither of the two products were processed beyond the split-off point. Calculate the total amount of joint costs assigned between the two products. Product A Allocated joint costs $ 17,250 $ Product B 42.250 Assuming Waterway used the physical quantities method to allocate the joint costs, what percentage of the total production volume did Product B represent? (Round answer to 2 decimal places, e.g. 15.25%.) Proportion of joint costs assigned to product B 71,01 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![After allocating the joint process costs to its two joint products, Waterway Co. reports gross margin percentages of 25% for Product A
and 35% for Product B. Sales reported for each product were $23,000 for Product A and $65,000 for Product B. Neither of the two
products were processed beyond the split-off point. Calculate the total amount of joint costs assigned between the two products.
Product A
Allocated joint costs
$
17,250
Product B
42.250
Assuming Waterway used the physical quantities method to allocate the joint costs, what percentage of the total production volume
did Product B represent? (Round answer to 2 decimal places, e.g. 15.25%.)
Proportion of joint costs assigned to product B
71.01
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F455f0dca-48b8-46ca-b70b-b5e42095f5fc%2Ffd2eb241-7d2b-4b2a-ba79-9cf22ff4de77%2Fkrejh8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:After allocating the joint process costs to its two joint products, Waterway Co. reports gross margin percentages of 25% for Product A
and 35% for Product B. Sales reported for each product were $23,000 for Product A and $65,000 for Product B. Neither of the two
products were processed beyond the split-off point. Calculate the total amount of joint costs assigned between the two products.
Product A
Allocated joint costs
$
17,250
Product B
42.250
Assuming Waterway used the physical quantities method to allocate the joint costs, what percentage of the total production volume
did Product B represent? (Round answer to 2 decimal places, e.g. 15.25%.)
Proportion of joint costs assigned to product B
71.01
%
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