Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
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
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$
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$
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
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.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS