! anocation. JORETTOacts and By Thoducts Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $140,000. There are no separable processing costs for any of the three products. Product 1 2 3 Sales Value at Split-Off $ 154,000 84,000 42,000 $ 280,000 Product 1 2 3 Javed Units at Split-Off 405 945 1,350 2,700 Assume that the total sales value at the split-off point for product 1 is $56,000 instead of $154,000 and the sales value of product 3 is $2,800 instead of $42,000. Assume also that the firm treats product 3 as a joint product and uses the net realizable value method for accounting for joint costs. There are no separable processing costs for product 3. What amount of joint costs would be allocated to the three products using the relative sales value method? (Round your intermediate percentage values to 2 decimal places (i.e. 24.35%) and final answers to nearest whole dollar amount.) Allocated Joint Cost

! anocation. JORETTOacts and By Thoducts Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $140,000. There are no separable processing costs for any of the three products. Product 1 2 3 Sales Value at Split-Off $ 154,000 84,000 42,000 $ 280,000 Product 1 2 3 Javed Units at Split-Off 405 945 1,350 2,700 Assume that the total sales value at the split-off point for product 1 is $56,000 instead of $154,000 and the sales value of product 3 is $2,800 instead of $42,000. Assume also that the firm treats product 3 as a joint product and uses the net realizable value method for accounting for joint costs. There are no separable processing costs for product 3. What amount of joint costs would be allocated to the three products using the relative sales value method? (Round your intermediate percentage values to 2 decimal places (i.e. 24.35%) and final answers to nearest whole dollar amount.) Allocated Joint Cost

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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! Required information [The following information applies to the questions displayed below.] Henna Company produces and sells two products, Carvings and Mementos. It manufactures these products in separate factories and markets them through different channels. They have no shared costs. This year, the company sold 45,000 units of each product. Income statements for each product follow. Sales Variable costs Contribution margin Fixed costs Income Carvings $ 787,500 551,250 236,250 111,250 Mementos $ 787,500 78,750 708,750 583,750 $ 125,000 $ 125,000 2. Assume that the company expects sales of each product to decline to 28,000 units next year with no change in unit selling price. Prepare a contribution margin income statement for the next year (as shown above with columns for each of the two products). (Round "per unit" answers to 2 decimal places.) HENNA COMPANY Contribution Margin Income Statement Carvings Mementos Units Total $ Per unit Total $ Per unit Total Sales 28,000 $ 0 $ 0…
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Allocating Joint Costs Using the Constant Gross Margin Method A company manufactures three products, L-Ten, Triol, and Pioze, from a joint process. Each production run costs $13,000. None of the products can be sold at split-off, but must be processed further. Information on one batch of the three products is as follows: Further Processing Eventual Market Product Gallons Cost per Gallon Price per Gallon L-Ten 3,400 $0.50 $2.00 Triol 4,000 1.00 5.00 Pioze 2,600 1.50 6.00 Required: 1. Calculate the total revenue, total costs, and total gross profit the company will earn on the sale of L-Ten, Triol, and Pioze. Total Revenue Total Costs Total Gross Profit 42,400 V 22,600 19,800 V 2. Allocate the joint cost to L-Ten, Triol, and Pioze using the constant gross margin percentage method. Round the gross margin percentage to four decimal places and round all other computations to the nearest dollar. Product L-Ten Joint Cost Allocation
Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $115,000. There are no separable processing costs for any of the three products. Product 1 2 3 Sales Value at Units at Split-Off $161,000 Product 1 2 3 34,500 34,500 $230,000 Split-Off 440 770 990 2,200 What percentage of joint cost is allocated to each of the three products using the physical units method? Percent of Sales Units % % %
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Exercise 11-47 (Algo) Net Realizable Value Method with By-Products (LO 11-7, 10) Butterfly Corp. manufactures products M1 and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for the revenues from its by-product sales as other income. Additional information follows: M1 24,400 ? M2 13,800 ? Joint cost of product M1 B1 9,600 ? Units produced Allocated joint costs Sales value at split-off $378,000 $252,000 $96,000 Total 47,800 $352,000 $726,000 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product M1? (Do not round intermediate calculations.)
Peter Company produces four solvents from the same process: A,B,C and D. Joint product costs are P9,000 ( Round to the nearest peso) Product Barrels SP @ Split-Off Pt. Cost to sell @ Split-off Separable Cost Final sales price A 750 P10.00 P6.50 P2.00 P13.50 B 1,000 8.00 4.00 2.50 10.00 C 1,400 11.00 7.00 4.00 15.50 D 2,000 15.00 9.50 4.50 19.50 If Peter Company sells the products after further processing, the following costs to sell will be incurred: A-P2.50 B-P1.00 C-P3.50 D- P6.00 Using a…
Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $135,000. There are no separable processing costs for any of the three products. Product 1 2 3 Sales Value at Split-Off $ 189,000 54,000 27,000 $ 270,000 Product 1 2 3 Units at Split-Off 260 780 1,560 2,600 What percentage of joint cost is allocated to each of the three products using the physical units method? Percent of Sales Units % % %
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