arrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: Product Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 302,000 $ 234,000 $ 34,100 $ 274,000 Chem-2 190,000 278,000 30,800 304,000 Chem-3 206,000 163,600 26,300 194,000 Chem-4 158,000 260,400 27,700 284,000 856,000 $ 936,000 $ 118,900 $ 1,056,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs wo
arrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: Product Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 302,000 $ 234,000 $ 34,100 $ 274,000 Chem-2 190,000 278,000 30,800 304,000 Chem-3 206,000 163,600 26,300 194,000 Chem-4 158,000 260,400 27,700 284,000 856,000 $ 936,000 $ 118,900 $ 1,056,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs wo
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows:
| Product | Units Produced | Sales Value at Split-Off | If Processed Further | |
|---|---|---|---|---|
| Additional Costs | Sales Values | |||
| Chem-1 | 302,000 | $ 234,000 | $ 34,100 | $ 274,000 |
| Chem-2 | 190,000 | 278,000 | 30,800 | 304,000 |
| Chem-3 | 206,000 | 163,600 | 26,300 | 194,000 |
| Chem-4 | 158,000 | 260,400 | 27,700 | 284,000 |
| 856,000 | $ 936,000 | $ 118,900 | $ 1,056,000 |
Required:
Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May?
Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts.
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