Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total jointcosts in May were $564,000. Additional information follows:ProductChem-1Chem-2Chem-3Chem-4UnitsProducedSplit-Off288,000$ 220,000If Processed FurtherSales Value at AdditionalCosts$ 32,700Sales Values$ 260,000176,000192,000144,000264,00029,400149,60024,900290,000180,000800,000246,400$880,00026,300270,000$ 113,300$ 1,000,000Required:Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to eachproduct in May?Note: Do not round intermediate calculations.Joint CostsNRV at Split-OffProductAllocatedChem-1Chem-2Chem-3Chem-4

For allocating the general expenses to the products in costing there are few methods there, in this…

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 Product Chem-1 Chem-2 Units Produced 288,000 176,000 Sales Value at Additional Split-Off Costs Sales Values $ 220,000 $ 32,700 $ 260,000 264,000 29,400 Chem-3 192,000 Chem-4 144,000 149,600 246,400 24,900 26,300 290,000 180,000 270,000 800,000 $ 880,000 $ 113,300 $ 1,000,000 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: Do not round intermediate calculations.

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 Product Chem-1 Chem-2 Units Produced 288,000 176,000 Sales Value at Additional Split-Off Costs Sales Values $ 220,000 $ 32,700 $ 260,000 264,000 29,400 Chem-3 192,000 Chem-4 144,000 149,600 246,400 24,900 26,300 290,000 180,000 270,000 800,000 $ 880,000 $ 113,300 $ 1,000,000 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: Do not round intermediate calculations.

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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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.
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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 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
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