Hardev Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs inMay were $564,000. Additional information follows:ProductChem-1Chem-2Chem-3Chem-4ProductChem-1UnitsProduced291,000179,000Chem-2Chem-3Chem-4195,000147,000812,000NRV at Split-OffIf Processed FurtherSales Value at AdditionalSplit-OffCosts$ 223,000267,000152,600249,400$ 892,000 $ 114,500 $ 1,012,000Required: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.Joint CostsAllocated$ 33,00029,70025,20026,600Sales Values$ 263,000293,000183,000273,000

Joint cost is the cost incurred jointly in the manufacturing of joint products during 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: 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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 12PB: Laramie Industries produces two joint products, H and C. Prior to the split-off point, the company...

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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: Product Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 299,000 187,000 203,000 155,000 844,000 Product Chem-1 Chem-2 Chem-3 Chem-4 NRV at Split- Off Sales Value at Additional Costs Split-Off $ 231,000 275,000 160,600 257,400 $ 924,000 If Processed Further 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 $ 33,800 30,500 26,000 27,400 $ 117,700 Sales Values $ 271,000 301,000 191,000 281,000 $ 1,044,000
Vicerelandu, Inc. manufactures X, Y, and Z from a joint process. Joint product costs were P60,000. Additional information are as follows:(see pic) 1. Assuming that joint costs are allocated using the physical measures (units produced) approach, what were the total costs allocated to product X ________________________ Y ______________________ Z ______________________2. Assuming that joint product costs are allocated using the relative sales value at split-off approach, what were the total costs allocated to product X_________________________ y ______________________ Z ______________________
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?
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 $568,000. Additional information follows: Product Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 272,000 176,000 208,000 144,000 800,000 Product Chem-1 Chem-2 Chem-3 Chem-4 If Processed Further Joint Costs Allocated Sales Value at Additional Split-Off Costs $ 206,720 264,000 162,240 244,800 $ 877,760 $ 29,920 28,160 24,960 25,920 $ 108,960 Required: Barrett Chemicals uses the physical quantities 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. Sales Values $ 244,800 288,640 195,000 270,000 $ 998,440
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 $568,000. Additional information follows: Product Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 272,000 176,000 208,000 144,000 800,000 Product Chem-1 Chem-2 Chem-3 Chem-4 Joint Costs Allocated If Processed Further Sales Value at Additional Split-Off Costs $ 206,720 264,000 162, 240 244,800 $ 877,760 $ 29,920 28,160 24,960 25,920 $ 108,960 Sales Values $ 244,800 Required: Barrett Chemicals uses the physical quantities 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. 288,640 195,000 270,000 $ 998,440
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 Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 302,000 $ 234,000 $ 34,100 $ 274,000 Chem-2 190,000 278,000 30,800 304,000 Chem-3 206,000 163,600 26,300 194,000 Chem-4 158,000 260,400 27,700 284,000 856,000 $ 936,000 $ 118,900 $ 1,056,000 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: 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
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 Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 295,000 $ 227,000 $ 33,400 $ 267,000 Chem-2 183,000 271,000 30,100 297,000 Chem-3 199,000 156,600 25,600 187,000 Chem-4 151,000 253,400 27,000 277,000 828,000 $ 908,000 $ 116,100 $ 1,028,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May?
Vaibh
A Chemical Company manufactures joint products Pep and Vim, and a by product Zest. Costs are assigned to the joint products by the market value method, which considers further processing costs in subsequent operations. For allocating cost to the by-product, the market value or reversal cost method is used. Total manufacturing costs for 10,000 units were P172,000 during the quarter. Production and cost data follow: Pep Vim Zest Unit Produced 5000 4000 1000 Sales price per unit 50 40 5 Further processing cost per unit 10 5 0 Selling and adm. Expense per unit 0 0 2 operating profit per unit 0 0 1 Required: The gross profit for pep is The value of Zest to deducted from the joint cost is
Benjamin Signal Company produces products R, J, C from a joint process. Each product may be sold at the split off point or be processed further. Joint production costs of $92,000 are allocated to the products based on the relative number of units produced. Data for the current year operations follow: Product Units Allocated Joint Sales Value at Produced Production Spit off Cost $ 32,000 $ 40,000 $ 20,000 $ 76,000 $ 71,000 $ 48,000 R 8,000 10,000 5,000 Product R can be processed beyond the split off point for an additional cost of $26,000 and can then be sold for $105,000. Product J can be processed beyond the split off point for an additional $38,000 and then sold for $117,000. Product C can be processed beyond the split off point for an additional $12,000 and then sold for $57,000. Required: Which products should be processed beyond the split off point? Show your calculations.
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.