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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-11 Chem-2 Chem-3 Chem-4 Units Produced 300,000 188,000 204,000 156,000 848,000 Product Chem-1 Chem-2 Chem-3 Chem-4 NRV at Split- Off If Processed Further Sales Value at Additional Split-Off Costs $ 232,000 276,000 161,600 258,400 $ 928,000 $ 118,100 Joint Costs Allocated i $ 33,900 30,600 26,100 27,500 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 $ 272,000 302,000 192,000 282,000 $1,048,000

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-11 Chem-2 Chem-3 Chem-4 Units Produced 300,000 188,000 204,000 156,000 848,000 Product Chem-1 Chem-2 Chem-3 Chem-4 NRV at Split- Off If Processed Further Sales Value at Additional Split-Off Costs $ 232,000 276,000 161,600 258,400 $ 928,000 $ 118,100 Joint Costs Allocated i $ 33,900 30,600 26,100 27,500 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 $ 272,000 302,000 192,000 282,000 $1,048,000

FINANCIAL ACCOUNTING
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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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-11 Chem-2 Chem-3 Chem-4 Units Produced 300,000 188,000 204,000 156,000 848,000 Product Chem-1 Chem-2 Chem-3 Chem-4 NRV at Split- Off If Processed Further Sales Value at Additional Split-Off Costs $ 232,000 276,000 161,600 258,400 $ 928,000 $ 118,100 Joint Costs Allocated i $ 33,900 30,600 26,100 27,500 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 $ 272,000 302,000 192,000 282,000 $1,048,000
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-11 Chem-2 Chem-3 Chem-4 Units Produced 300,000 188,000 204,000 156,000 848,000 Product Chem-1 Chem-2 Chem-3 Chem-4 NRV at Split- Off If Processed Further Sales Value at Additional Split-Off Costs $ 232,000 276,000 161,600 258,400 $ 928,000 $ 118,100 Joint Costs Allocated i $ 33,900 30,600 26,100 27,500 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 $ 272,000 302,000 192,000 282,000 $1,048,000
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