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 Product Chem-1 Chem-2 Chem-3 Chem-4 291,000 179,000 195,000 147,000 812,000 NRV at Split-Off If Processed Further Sales Value at Additional Costs Split-Off $ 223,000 267,000 152,600 249,400 $ 892,000 $ 114,500 $ 1,012,000 Joint Costs Allocated $ 33,000 29,700 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. 25,200 26,600 Sales Values $ 263,000 293,000 183,000 273,000
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 Product Chem-1 Chem-2 Chem-3 Chem-4 291,000 179,000 195,000 147,000 812,000 NRV at Split-Off If Processed Further Sales Value at Additional Costs Split-Off $ 223,000 267,000 152,600 249,400 $ 892,000 $ 114,500 $ 1,012,000 Joint Costs Allocated $ 33,000 29,700 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. 25,200 26,600 Sales Values $ 263,000 293,000 183,000 273,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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
Product
Chem-1
Units
Produced
291,000
179,000
Chem-2
Chem-3
Chem-4
195,000
147,000
812,000
NRV at Split-Off
If Processed Further
Sales Value at Additional
Split-Off
Costs
$ 223,000
267,000
152,600
249,400
$ 892,000 $ 114,500 $ 1,012,000
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.
Joint Costs
Allocated
$ 33,000
29,700
25,200
26,600
Sales Values
$ 263,000
293,000
183,000
273,000
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