Batches Incorporated produces joint products L. M. and N from a joint process. Information concerning a batch produced in May at a joint cost of $115.000 was as follows: Separable Processing cost Units Produced Sales Value (after additional processing) Multiple Choice $15.779 The amount of joint costs allocated to product L using the net realizable value method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): $16,853 M $ 14,000 2,800 $ 76,000 $ 70,000 $ 33,000 6,500 $36,681 N $ 14,000 5,900 $ 31,000 Total $ 61,000 15,200 $ 177,000 G

Batches Incorporated produces joint products L. M. and N from a joint process. Information concerning a batch produced in May at a joint cost of $115.000 was as follows: Separable Processing cost Units Produced Sales Value (after additional processing) Multiple Choice $15.779 The amount of joint costs allocated to product L using the net realizable value method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): $16,853 M $ 14,000 2,800 $ 76,000 $ 70,000 $ 33,000 6,500 $36,681 N $ 14,000 5,900 $ 31,000 Total $ 61,000 15,200 $ 177,000 G

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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X Corp produces 200 units of A and 100 units of B products. Final sales amount of A is 9,000. Joint cost is 6,600. Cost beyond the split off point is 3,000 each for both A and B. Using NRV or adjusted sale value method, the computed unit cost of A is 22 per unit. What is the Final sales amount of product B?
After allocating the joint process costs to its two joint products, Allomar Co. reports gross margin percentages of 30% for Product A and 40% for Product B. Sales reported for each product were $25,000 for Product A and $60,000 for Product B. Neither of the two products were processed beyond the split-off point. Calculate the total amount of joint costs assigned between the two products. Allocated joint costs Product A Product B Assuming Allomar used the physical quantities method to allocate the joint costs, what percentage of the total production volume did Product B represent? (Round answer to 2 decimal places, e.g. 15.25%.) Proportion of joint costs assigned to product B %
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