Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs inMay were $564,000. Additional Information follows:270,000If Processed FurtherAdditionalCosts$ 33,300ProductChem-1UnitsProduced294,000Sales Value atSplit-Off$ 226,000Sales Values$ 266,000Chem-2182,00030,000296,000Chem-3198,000Chem-4150,000824,000155,600252,40025,50026,900186,000276,000$ 904,000$ 115,700$ 1,024,000Required:Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product inMay?Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts.

The joint cost can be allocated based on physical units and also on the net realizable value at the…

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: If Processed Further Additional Costs $ 33,300 Sales Values $ 266,000 296,000 Product Chem-1 Units Produced 294,000 Sales Value at Split-Off $ 226,000 Chem-2 182,000 Chem-3 198,000 Chem-4 150,000 824,000 270,000 155,600 252,400 30,000 25,500 186,000 26,900 276,000 $ 904,000 $ 115,700 $ 1,024,000 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.

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: If Processed Further Additional Costs $ 33,300 Sales Values $ 266,000 296,000 Product Chem-1 Units Produced 294,000 Sales Value at Split-Off $ 226,000 Chem-2 182,000 Chem-3 198,000 Chem-4 150,000 824,000 270,000 155,600 252,400 30,000 25,500 186,000 26,900 276,000 $ 904,000 $ 115,700 $ 1,024,000 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.

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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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: 281,000 If Processed Further Additional Costs $ 34,400 31,100 Sales Values $ 277,000 307,000 Product Chem-1 Units Produced 305,000 Sales Value at Split-Off $ 237,000 Chem-2 193,000 Chem-3 209,000 Chem-4 161,000 166,600 263,400 26,600 28,000 197,000 287,000 868,000 $ 948,000 $ 120,100 $ 1,068,000 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. Product NRV at Split- Off Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4
Atkinson, Inc., manufactures products A, B, and C from a common process. Joint costs were $154,680. Additional information is as follows: If Processed Further Product UnitsProduced Sales Value at Split-Off Sales Value Additional Costs A 7,110 $ 46,660 $ 64,435 $ 4,740 B 8,150 70,905 91,280 12,225 C 4,075 48,900 61,125 16,300 19,335 $ 166,465 $ 216,840 $ 33,265 Assuming that joint product costs are allocated using the net realizable value method, what were the total costs assigned to Product B? Multiple Choice $78,110. $77,906. $77,110. $79,396.
company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $75,000 per quarter. The company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price Quarterly Output 10,000 pounds A 4 per pound B 7 per pound 22,000 pounds 5,000 gallons 12 per gallon Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Additional Processing Costs Product Selling Price A $ $ 53,000 38,000 B $ $ с $ 18,000 $ Which products should be processed further? 7 per pound 11 per pound 18 per gallon
Tango Company produces joint products M, N, and T from a joint process. This information concerns a batch produced in April at a joint cost of $190,000: Product Units Produced and Sold After Split-Off Total Separable Costs Total Final Sales Value M 17,000 $ 18,800 $ 230,000 N 11,000 16,400 210,000 T 12,000 3,800 39,000 Required: How much of the joint cost should be allocated to each joint product using the net realizable value method?
Y Company produces two joint products: Sweet and Sour. Joint cost is allocated using the net realizable value method at split-off point. Joint production cost is $70,000. Neither product is salable at split-off point. During May, the additional costs incurred beyond split-off point are as follows: Sweet $ 32,000 Sour $ 48,000 Production: Sweet: 3,200 units Sour: 1,600 units Selling prices: Sweet: $50.00 per unit Sour: $ 90.00 per unit What is the amount of joint cost allocated to Sweet and Sour using the NRV Method at split-off point. (Must show calculations or no credit) Joint cost allocated to Sweet: $_____________________________ Joint cost allocated to Sour:…
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 $594,000. Additional information follows: Product Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 264,000 $ 200,640 $ 29,040 $ 237,600 Chem-2 176,000 264,000 28,160 288,640 Chem-3 200,000 156,000 24,000 187,500 Chem-4 160,000 272,000 28,800 300,000 800,000 $ 892,640 $ 110,000 $ 1,013,740 Required: Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product in May?
Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $90,000 per quarter. The company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price Quarterly Output A $3 per pound 17,000 pounds B $4 per pound 22,000 pounds C $12 per gallon 5,000 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Product Additional Processing Costs Selling Price A S 36,000 $5 per pounds B S 35,000 $7 per pounds C S 11,000 $ 16 per gallons Required: Compute the incremental profit (loss) for each product. Product Product Product A B C Selling price after further processing Selling…
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 Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 288,000 176,000 192,000 144,000 800,000 Chem-1 Chem-2 Chem-3 If Processed Further Required: Which, if any, of the four products would you recommend Barrett Chemicals sell at split-off (and not process further)? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. Chem-4 Sales Value at Additional Split-Off Costs $ 220,000 264,000 149,600 246,400 $ 880,000 $ 32,700 29,400 24,900 26,300 $ 113,300 Sales Values $ 260,000 290,000 180,000 270,000 $ 1,000,000 h
Chem Manufacturing Company processes direct materials up to the splitoff point where two products (X and Y) are obtained and sold. The following information was collected for the month of November: Production: X 3000 gallons, Y 2000 gallons . Sales: X 2600 at $15 per gallon ,Y 1700 at $10 per gallon. The joint cost was $20000. No beginning inventories of X and Y. --- Using the physical-volume method, joint cost allocated for X : Select one: O a. $20000 O b. $8000 c. $12000 O d. $10000
Forest Products, Incorporated manufactures three products (FP-10, FP-20, and FP-40) from a single, joint input. None of the products can be sold without further processing. In November, joint product costs were $241,300. Additional information follows: Product FP-10 FP-20 FP-40 Units Produced 105,000 157,500 87,500 Product FP-10 FP-20 FP-40 Sales Values $ 177,750 311,250 85,300 Required: Forest Products uses the physical quantities (units produced) method to allocate joint costs. What joint costs would be allocated to each of the three products in November? Joint Costs Allocated Processing Costs (After Split-Off) $ 29,300 109,300 25,300
Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $385,000 per quarter. For financial reporting purposes, the company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price Quarterly Output A $ 27.00 per pound 14,400 pounds B $ 21.00 per pound 22,400 pounds C $ 33.00 per gallon 5,600 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Product Additional Processing Costs Selling Price A $ 89,220 $ 32.80 per pound B $ 129,170 $ 27.80 per pound C $ 60,160 $ 41.80 per gallon Required: 1. What is the financial advantage…