Don't give answer in image XYZ Company makes two products, M and T, in a joint process.Each product may be sold at the split-off point or processedfurther and then sold. Information concerning the two productsfor the most recent month appears below:Units available at the split-off point ..Allocated joint costsSelling price after further processingSelling price at the split-off pointAdditional processing costs.....Units available at the split-off pointAllocated joint costs**********Selling price after further processingSelling price at the split-off pointAdditional processing costs*****Product M45,000 units$91,000$8.80 per unit$6.20 per unit$3.10 per unitProduct T70,000 units$91,000$6.70 per unit$3.45 per unit$2.90 per unitThe further processing of Product T will result in a loss of6,000 units (i.e., only 64,000 units of Product T will beavailable for sale if it is processed further). The furtherprocessing of Product M will not result in the loss of anyunits.Assume XYZ Company makes all sell or process further decisionscorrectly.Calculate the amount of net income reported by XYZ Company lastmonth.

To calculate the net income reported by XYZ Company last month, we need to consider the revenues…

Answered: Assume XYZ Company makes all sell or…

Assume XYZ Company makes all sell or process further decisions correctly. Calculate the amount of net income reported by XYZ Company last month.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: alternate answer?

A: Yield to Maturity (YTM):Yield to Maturity (YTM) is the total return anticipated on a bond if it is…

Q: Solution was marked wrong.

A: Future value refers to the concept of time, the value of money used for determining the value of…

Q: Answer and working out are not correct, can you try again

A: In finance, a forward rate denotes an agreed-upon interest or exchange rate set today for a future…

Q: how does it became an over applied OH? how will you know that it is under or over applied OH?

A: Lets understand the basics. When applied overhead is more than actual overhead then it is known as…

Q: what are the sundries account? explain

A: Sundries account is a general ledger account used to record miscellaneous transactions. Following is…

Q: The answer provided is not correct, please provide the correct value

A: Free Cash Flow Free Cash flow which can be determined by using the amount of net operating cash flow…

Q: Withdrawal is a temporary account?

A: Temporary accounts refer to accounts that are closed at the end of every accounting period. These…

Q: this is wrong. Answer is B

A: A dividend is defined as the part of the profit which is not distributed by the company among the…

Q: o the problem please i need a red

A: Molding FabricationMachine Hours 2,500.00 1,500.00Fixed Manufacturing Overhead cost $ 13,000.00…

Q: can you do it again,please, it is not correct

A: Initial investment = 12,000Nominal rate of interest for first 5 years = 3.7% compounded…

Q: What does internal rate of return (IRR) help you to determine

A: Internal Rate of Return (IRR) is a financial metric used to evaluate potential profitability of an…

Q: im.2 answer must be in proper format or i will give down vote

A: When it comes to writing essays or papers, this are the things you have to consider: FORMAT:1.…

Q: Part B is the incorrect answer

A: The LIFO method is defined as one of the important methods of inventory calculation in which the…

Q: the answer is still wrong please redo calculate to come with the right answer

A: In this question, we need to compute the Estimated raw material inventory balance at the end of July…

Q: 7. The ultimate control of the corporation rests with the board of directors.

A: Introduction:- Board of directors:- Board of directors play vital role in every organization for…

Q: What do we call it when one party has more information than the other party does in a transaction? O…

A: Option B is correct Asymmetric information, it is referred that when one party has more information…

Q: Give an explanation about this statement: Why does control or internal control fails?

A: Internal control refers to the process of implementing and exercising the various mechanisms, rules,…

Q: nother wrong answer

A: The Annual Percentage Rate: The annual percentage rate is the nominal rate quoted by financial…

Q: Project b npv is incorrect. MIRR is wrong for A and B.

Q: Communication is the process of Select one: a. writing messages. b. transferring information ahd…

A: The communication is an important role of accounting so as to communicate the final reports of the…

Q: 20-An information is relevant if it has the ability to. a. Give historical data b. Be uncertain c.…

A: Information is combination of facts that is provided to various stakeholders for their use.…

Q: solution cannot be understand, please show a clearer one.

A: Here, Required Amount (FV) is P2,500,000 Time Period (n) is 40 years Interest Rate (r) is 9%…

Q: Copying bfrom chegg is not a good idea. Explain simply what accounting is

A: Accounting is a comprehensive word with several subfields such as cost accounting, management…

Q: The anwswer is not correct

A: Here, Annual deposits = $1,400 Annual interest rate = 5% Total years to annual deposits = 10 years…

Q: I can't see the answers to questions there block off

A: Rate caps :3/2/6 means 3% on first adjustment 2% on each subsequent adjustment 6% life time cap

Q: 3. What is availability? Give an example showing a violation of availability.

A: Following is a meaning of availability and its examples

Q: -----------------is not a type of Management Report in QBO?

A: Solution -----------------is not a type of Management Report in QBO? The correct answer is financial…

Q: part b is incorrect. Can you rework it?

A: Here,Quarter Dividend is $1.50Growth Rate is 6.25%Required Return is 9%Quarterly Required Return is…

Q: it is still incorrect, please find correct answer

A: Accounts receivable is amount that is yet to be recovered from the customers to whom goods or…

Q: wrong give me the right answer please

A: Present value factor is computed as follows:-Present value factor = wherer= required returnn= time…

Q: What is a double-entry? Give an example?

A: Double entry: Double-entry refers to the double effect of each financial transaction that occurs.…

Q: Wrong Answer

A: The cost of purchase is $1800 on October 23. It can be done using one of the two credit cards a)…

Question

Don't give answer in image

XYZ Company makes two products, M and T, in a joint process.
Each product may be sold at the split-off point or processed
further and then sold. Information concerning the two products
for the most recent month appears below:
Units available at the split-off point ..
Allocated joint costs
Selling price after further processing
Selling price at the split-off point
Additional processing costs.....
Units available at the split-off point
Allocated joint costs
**********
Selling price after further processing
Selling price at the split-off point
Additional processing costs
***
**
Product M
45,000 units
$91,000
$8.80 per unit
$6.20 per unit
$3.10 per unit
Product T
70,000 units
$91,000
$6.70 per unit
$3.45 per unit
$2.90 per unit
The further processing of Product T will result in a loss of
6,000 units (i.e., only 64,000 units of Product T will be
available for sale if it is processed further). The further
processing of Product M will not result in the loss of any
units.
Assume XYZ Company makes all sell or process further decisions
correctly.
Calculate the amount of net income reported by XYZ Company last
month.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Product M:

VIEW

Step 2: Product T:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Assume a world that meets all assumptions of the portfolio theory. In this world we solely trade in securities A and B like depicted in the graph below. Short selling is allowed. xA and XB indicate the proportions of security A and B within a portfolio respectively. P1, P2, P3 and P4 represent portfolios that can be created by trading (either long and/or short) in securhies A and B. P3 is the portfolio with the lowest risk; the risk of P3 is 0%. The risk of security A and B is measured by the standard deviation of the returns in the particular security and equals 20% for both. The correlation coefficient of the returns between A and B is -1. 40% P1 E(R) A 30% P2 20% P3 10% P4 ++ 30% 0% 10% 20% 40% O(R) Question: Indicate which statements are correct. Take into account that everything is possible, from all correct to all wrong.
What are the problems caused by lack of integration? Expalin.
Using a service often results in possession and ownership. Select one: O a. True. X b. False.
Your solution is wrong see the answers at bottom of the question
did not fully awnser question
help please, the answers I put are not correct
hrl.3 answer must be in proper format or i will give down vote
It says they answers are wrong from your example.