Q 1). Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs inMay were $564,000. Additional information follows:ProductChem-11Chem-2Chem-3Chem-4UnitsProduced300,000188,000204,000156,000848,000ProductChem-1Chem-2Chem-3Chem-4NRV at Split-OffIf Processed FurtherSales Value at AdditionalSplit-Off Costs$ 232,000276,000161,600258,400$ 928,000 $ 118,100Joint CostsAllocated i$ 33,90030,60026,10027,500Required: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.Sales Values$ 272,000302,000192,000282,000$1,048,000

Lets understand the basics.When more than one product gets produced from single process then all 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 300,000 188,000 204,000 156,000 848,000 If Processed Further Sales Value at Additional Split-Off Costs $ 232,000 $33,900 276,000 161,600 258,400 $ 928,000 $ 118,100 30,600 26,100 27,500 Sales Values $ 272,000 302,000 192,000 282,000 $ 1,048,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May?

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 300,000 188,000 204,000 156,000 848,000 If Processed Further Sales Value at Additional Split-Off Costs $ 232,000 $33,900 276,000 161,600 258,400 $ 928,000 $ 118,100 30,600 26,100 27,500 Sales Values $ 272,000 302,000 192,000 282,000 $ 1,048,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May?

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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