b. Allocate the joint cost using sales value as the basis. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. Fish $ Fish Oil Fish Meal Total 24
b. Allocate the joint cost using sales value as the basis. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. Fish $ Fish Oil Fish Meal Total 24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please give me ans only b
![Physical and sales value allocations
FINS produces three products from its fish farm: fish, fish oil, and fish meal. During July, FINS produced
the following average quantities of each product from each pound (16 ounces) of fish processed:
Obtained
from Each
Product Pound of Fish
Fish
8 ounces
Fish oil
4 ounces
Fish meal
2 ounces
Total
14 ounces
Of each pound of fish processed, two ounces are waste (assume 12.5% for calculations). In July, FINS
processed 37.5 tons of fish (1 ton equals 2,000 pounds). Joint cost amounted to $342,720. On average,
each pound of product has the following selling prices: fish, $4.50; fish oil, $6.50; and fish meal, $2.
a. Allocate the joint cost using weight as the basis.
Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole
dollar.
Fish
2$
Fish Oil
Fish Meal
Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F430c4276-37d6-4915-9593-439b1e9874bd%2F9652ddd2-4de7-4db3-ba41-adc1a5cc4606%2Flyis1zr_processed.png&w=3840&q=75)
Transcribed Image Text:Physical and sales value allocations
FINS produces three products from its fish farm: fish, fish oil, and fish meal. During July, FINS produced
the following average quantities of each product from each pound (16 ounces) of fish processed:
Obtained
from Each
Product Pound of Fish
Fish
8 ounces
Fish oil
4 ounces
Fish meal
2 ounces
Total
14 ounces
Of each pound of fish processed, two ounces are waste (assume 12.5% for calculations). In July, FINS
processed 37.5 tons of fish (1 ton equals 2,000 pounds). Joint cost amounted to $342,720. On average,
each pound of product has the following selling prices: fish, $4.50; fish oil, $6.50; and fish meal, $2.
a. Allocate the joint cost using weight as the basis.
Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole
dollar.
Fish
2$
Fish Oil
Fish Meal
Total
![b. Allocate the joint cost using sales value as the basis.
Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole
dollar.
Fish
Fish Oil
Fish Meal
Total
2$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F430c4276-37d6-4915-9593-439b1e9874bd%2F9652ddd2-4de7-4db3-ba41-adc1a5cc4606%2F0soxng_processed.png&w=3840&q=75)
Transcribed Image Text:b. Allocate the joint cost using sales value as the basis.
Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole
dollar.
Fish
Fish Oil
Fish Meal
Total
2$
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