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 Chen-1 Chem-2 Chem-3 Chem-4 Units Produced 291,000 179,000 195,000 147,000 $12,000 If Processed Further sales Value at Additional Split-off Costs $ 223,000 267,000 152,600 249,400 $ 892,000 $ 33,000 29,700 25,200 26,600 $ 114,500 Sales values $ 263,000 293,000 183,000 273,000 $ 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 is 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 Chen-1 Chem-2 Chem-3 Chem-4 Units Produced 291,000 179,000 195,000 147,000 $12,000 If Processed Further sales Value at Additional Split-off Costs $ 223,000 267,000 152,600 249,400 $ 892,000 $ 33,000 29,700 25,200 26,600 $ 114,500 Sales values $ 263,000 293,000 183,000 273,000 $ 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 is May? Note: Round percentages to 2 decimals, Round your final answers to the nearest whole dollar amounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Subject : Accounting
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
Chen-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
$12,000
sales Value at
Split-off
$ 223,000
NRV at Split-
Off
267,000
152,600
249,400
$ 892,000
If Processed Further
Joint Costs
Allocated
Additional
Costs
$ 33,000
29,700
25,200
26,600
$ 114,500
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.
sales values
$ 263,000
293,000
183,000
273,000
$ 1,012,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education