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computing the ending nventory values for t ay 31, 2000, balance sheet Ending inventory amounts on y 31 are to epiore the efect on ending inventory values of cassitying one or more products as a byproduct rather than 17 poundi of treasti, 8 poundi of vings, 6 pounds of mgha, 4 pounds e oint product (Cick to view information on the sales value at spitot mehod) of bones, nd 3 pounds of teathers Read he menta Requirement 1. Assume Tasty Chicken dassifes al tve products as joint products. What are the ending inverntory values of each product on Jay 31, 20207 (Round your anowers to the nearest cent. Enter an amount for each produ ncliding zero balances) Product Ending inventory value Breasts Requirements Wings Thighs 1. Asume Taty Chiden classites al tve products as joint products. What ae the ending inventory values of each product on y 31, 2020 2. Assume Tasty Chiaen uses the production method of accounting for byproducts. What are he ending inventory values for each jont product on July 31, 2020, suming breasts and thighs are the joint products and wings, bones. and feathers are byproduct? 3. Comment on offerences in the resuts in requirements 1 and 2 Bones Feathers Total

computing the ending nventory values for t ay 31, 2000, balance sheet Ending inventory amounts on y 31 are to epiore the efect on ending inventory values of cassitying one or more products as a byproduct rather than 17 poundi of treasti, 8 poundi of vings, 6 pounds of mgha, 4 pounds e oint product (Cick to view information on the sales value at spitot mehod) of bones, nd 3 pounds of teathers Read he menta Requirement 1. Assume Tasty Chicken dassifes al tve products as joint products. What are the ending inverntory values of each product on Jay 31, 20207 (Round your anowers to the nearest cent. Enter an amount for each produ ncliding zero balances) Product Ending inventory value Breasts Requirements Wings Thighs 1. Asume Taty Chiden classites al tve products as joint products. What ae the ending inventory values of each product on y 31, 2020 2. Assume Tasty Chiaen uses the production method of accounting for byproducts. What are he ending inventory values for each jont product on July 31, 2020, suming breasts and thighs are the joint products and wings, bones. and feathers are byproduct? 3. Comment on offerences in the resuts in requirements 1 and 2 Bones Feathers Total

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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Cost Accounting Ch. 17

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Tasty Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Tasty Chicken is computing the ending inventory values for its July 31, 2020, balance sheet. Ending inventory amounts on July 31 are to explore the effect on ending inventory values of diassitying one or more products as a byproduct rather than a 17 pounds of breasts, 8 pounds of uings 6 pounds of thighs, 4 pounds of bones, and 3 pounds of feathers. Tasty Chicken's management warts to use the sales value at spitoff method. However, management wants you joint product A (Click to view information on the sales value at spitof method) Read the utementa Requirement 1. Assume Tasty Chicken dassifes al fve products as joint products. What are the ending inventory values of each product on July 31, 2020? (Round your answers to the nearest cent. Enter an amount for each product including zero balances) Product Ending inventory value - X Requirements Breasts Wings Thighs 1. Assume Tasty Chidien classifies al fve products as joint products. What are the ending inventory values of each product on July 31, 2020 2. Assume Tasty Chicen uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2020. assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on diferences in the resuts in requirements 1 and 2 Bones Feathers Total
Transcribed Image Text:Tasty Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Tasty Chicken is computing the ending inventory values for its July 31, 2020, balance sheet. Ending inventory amounts on July 31 are to explore the effect on ending inventory values of diassitying one or more products as a byproduct rather than a 17 pounds of breasts, 8 pounds of uings 6 pounds of thighs, 4 pounds of bones, and 3 pounds of feathers. Tasty Chicken's management warts to use the sales value at spitoff method. However, management wants you joint product A (Click to view information on the sales value at spitof method) Read the utementa Requirement 1. Assume Tasty Chicken dassifes al fve products as joint products. What are the ending inventory values of each product on July 31, 2020? (Round your answers to the nearest cent. Enter an amount for each product including zero balances) Product Ending inventory value - X Requirements Breasts Wings Thighs 1. Assume Tasty Chidien classifies al fve products as joint products. What are the ending inventory values of each product on July 31, 2020 2. Assume Tasty Chicen uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2020. assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on diferences in the resuts in requirements 1 and 2 Bones Feathers Total
Reference ........ Breasts Wings Thighs Bones Feathers Total Pounds of product 100 30 50 65 5 250 Wholesale selling price per pound 0.45 $ 0.25 S 0.30 $ 0.10 $ 0.05 Sales value at splitoff $ 45.00 $ 7.50 $ 15.00 $ 6.50 $ 0.25 $ 74.25 Weighting: Sales Value at splitoff 0.606 0.101 0.202 0.088 0.003 1.000 Joint costs allocated 45.45 $ 7.58 $ 15.15 $ 6.60 $ 0.23 S 75.01 Allocated costs per pound $ 0.4545 $ 0.2527 $ 0.3030 $ 0.1015 $ 0.0460
Transcribed Image Text:Reference ........ Breasts Wings Thighs Bones Feathers Total Pounds of product 100 30 50 65 5 250 Wholesale selling price per pound 0.45 $ 0.25 S 0.30 $ 0.10 $ 0.05 Sales value at splitoff $ 45.00 $ 7.50 $ 15.00 $ 6.50 $ 0.25 $ 74.25 Weighting: Sales Value at splitoff 0.606 0.101 0.202 0.088 0.003 1.000 Joint costs allocated 45.45 $ 7.58 $ 15.15 $ 6.60 $ 0.23 S 75.01 Allocated costs per pound $ 0.4545 $ 0.2527 $ 0.3030 $ 0.1015 $ 0.0460
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