Benson Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 386,300 pounds of raw materials, the company generates 73,200 pounds of B7, 166,700 pounds of K6, and 146,400 pounds of X9. A standard batch costs $2,317,800 to produce. The sales prices per pound are $5, $15, and $20 for B7, K6, and X9, respectively. Required a. Allocate the joint product cost among the three final products using weight as the allocation base. b. Allocate the joint product cost among the three final products using market value as the allocation base. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the joint product cost among the three final products using weight as the allocation base. Weight of Base Product Allocation Rate $ B7 K6 X9 Total allocated cost X 73200 X X 166700 X X 146400 XX = Answer is not complete. 6 x 6 X = 6 X = = $ Allocated Cost 439,200 1,000,200 878,400 $ 2,317,800 < Prev 5 of 5 www www ‒‒‒ Next > 4

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Benson Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard
batch of 386,300 pounds of raw materials, the company generates 73,200 pounds of B7, 166,700 pounds of K6, and 146,400 pounds
of X9. A standard batch costs $2,317,800 to produce. The sales prices per pound are $5, $15, and $20 for B7, K6, and X9, respectively.
Required
a. Allocate the joint product cost among the three final products using weight as the allocation base.
b. Allocate the joint product cost among the three final products using market value as the allocation base.
Complete this question by entering your answers in the tabs below.
Required A Required B
Allocate the joint product cost among the three final products using weight as the allocation base.
Weight of
Base
Product
$
Allocation
Rate
B7
K6
X9
Total allocated cost
X
Answer is not complete.
73200 X X
166700 X X
146400 X X
6 X=
6 x
$
Allocated
Cost
439,200
1,000,200
878,400
$ 2,317,800
< Prev
5 of 5
Next
Transcribed Image Text:Benson Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 386,300 pounds of raw materials, the company generates 73,200 pounds of B7, 166,700 pounds of K6, and 146,400 pounds of X9. A standard batch costs $2,317,800 to produce. The sales prices per pound are $5, $15, and $20 for B7, K6, and X9, respectively. Required a. Allocate the joint product cost among the three final products using weight as the allocation base. b. Allocate the joint product cost among the three final products using market value as the allocation base. Complete this question by entering your answers in the tabs below. Required A Required B Allocate the joint product cost among the three final products using weight as the allocation base. Weight of Base Product $ Allocation Rate B7 K6 X9 Total allocated cost X Answer is not complete. 73200 X X 166700 X X 146400 X X 6 X= 6 x $ Allocated Cost 439,200 1,000,200 878,400 $ 2,317,800 < Prev 5 of 5 Next
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Theory of Constraints (TOC)
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education