Brian Canning Company, which sells canned corn, uses an operation costing system. Cans of corm are classified as either sweet orregular, depending on the type of corn used. Both types of corn go through the separating and cleaning operations, but only regularcorn goes through the creaming operation. During January, two batches of corn were canned from start to finish. Batch X consisted of1,500 pounds of sweet corn, and Batch Y consisted of 1,400 pounds of regular corn. The company had no beginning or ending Work-in-Process Inventory. The following cost information is for the month of January:BatchCont$ 10,050 1,500 pounda5,250* 1,400 pounda1,3352,030420Batch SizeRaw sweet cornRav regular cornSeparating department contaCleaning departnent contsCreaning departnent conta*Includes $1,700 for cream.Required:1. Compute the unit cost for sweet corn and regular corn.2. Record appropriate journal entries.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the unit cost for sweet corn and regular corn. (Round your intermediate calculations and final answers to 2 decimalplaces.)Unit Cost perPoundSweet comRegular comRequired 2 >

Sweet corn units=1500 Regular corn=1400

Answered: Brian Canning Company, which sells…

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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FINS produces three products from its fish farm: fish, fish oil, and fish meal. During July, FINS produced the following average quantities of each product from each pound (16 ounces) of fish processed: Obtained from Each Product Pound of Fish Fish 8 ounces Fish oil 4 ounces Fish meal 2 ounces Total 14 ounces Of each pound of fish processed, two ounces are waste (assume 12.5% for calculations). In July, FINS processed 37.5 tons of fish (1 ton equals 2,000 pounds). Joint cost amounted to $499,800. On average, each pound of product has the following selling prices: fish, $4.50; fish oil, $6.50; and fish meal, $2. a. Allocate the joint cost using weight as the basis. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. Fish 2$ Fish Oil Fish Meal Total 2$ b. Allocate the joint cost using sales value as the basis. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. Fish 24 Fish Oil Fish…
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The Green Company processes unprocessed goat milk up to the split- off point where two products, condensed goat milk and skim goat milk result. The following information was collected for the month of October: | Direct materials processed: 100,500 gallons (after shrinkage) 44,500 gallons Production: Condensed goat milk Skim goat milk 56,000 gallons $4.25 per gallon $3.50 per gallon Sales: Condensed goat milk Skim goat milk The costs of purchasing the of unprocessed goat milk and processing it up to the split - off point to yield a total of 100,500 gallons of saleable product was $186.480. There were no inventory balances of either product. Condensed goat milk may be processed further to yield 44,000 gallons (the remainder is shrinkage) of a medicinal milk product, Xyla, for an additional processing cost of $6 per usable gallon. Xyla can be sold for $21 per gallon. Skim goat milk can be processed further to yield 54,700 gallons of skim goat milk ice cream. for an additional processing…
4 Gibson Corporation makes a health beverage named Gibson that is manufactured in a two-stage production process. The drink is first created in the Conversion Department where material ingredients (natural juices, supplements, preservatives, etc.) are combined. On July 1. Year 2, the company had a sufficient quantity of partially completed beverage mix in the Conversion Department to make 54,000 containers of Gibson. This beginning inventory had a cost of $59,500. During July, the company added ingredients necessary to make 220,000 containers of Gibson. The cost of these ingredients was $385,000. During July, liquid mix representing 205,000 containers of the beverage was transferred to the Finishing Department. The beverage mix is poured containers and packaged for shipment in the Finishing Department. Beverage that remained in the Conversion Department at the end of July was 25 percent complete. At the beginning of July the Finishing Department had 12,000 containers of beverage mix.…
The Kenton Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June: Direct Materials processed: 27,500 gallons (after shrinkage) Production: Sales: Sales Price: Separable costs in total: A. $35,600 B. $19,428 Butter Cream C. $33,580 Condensed Milk D. $13,000 Butter Cream Condensed Milk Butter Cream Condensed Milk Butter Cream Condensed Milk 12,500 15,000 gallons 12,000 14,500 $4.50 $8.00 $13,000 gallons $35,600 The cost of purchasing the of unprocessed milk and processing it up to the split-off point to yield a total of 27,500 gallons of saleable product was $53,000. gallons The company uses constant gross-margin percentage NRV method to allocate the joint costs of production. What is the allocated joint costs of Butter Cream? (Round intermediary percentages to the nearest hundredth.) gallons per gallon per gallon

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