Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step. Cordner Corporation has two production departments, P1 and P2, and two service departments, S1and S2. Direct costs for each department and the proportion of service costs used by the variousdepartments for the month of July are as follows:DepartmentS1$30,000$62,500$0S2P1P2$20,000Direct costs$60,000$100,000$160,000$140,000S10.20Under the direct method of cost allocation, the amount of S1 costs allocated to S2 would be:Proportion of Services Used by:P10.100.30S20.70P20.200.50 Upton Company produces two main products and a by-product out of a joint process. The ratio ofoutput quantities to input quantities of direct material used in the joint process remains consistentfrom month to month. Upton has employed the physical quantities method to allocate jointproduction costs to the two main products. The net realizable value of the by-product is used toreduce the joint production costs before the joint costs are allocated to the main products. Dataregarding Upton's operations for the current month are presented in the chart below. During themonth, Upton incurred joint production costs of $2,520,000. The main products are not marketableat the split-off point and, thus, have to be processed further.Monthly output in poundsSelling Price per poundSeparable process costsO $1,500,000$1,260,000The amount of joint production cost that Upton would allocate to the Second Main Product by usingthe physical quantities method to allocate joint production costs would be:$1,200,000First Main Product Second Main Product90.000150,00030$14540,000$ 660,000O $1,575,000$$By-Product60,000$ 2

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Cordner Corporation has two production departments, P1 and P2, and two service departments, S1 and S2. Direct costs for each department and the proportion of service costs used by the various departments for the month of July are as follows: Department S1 S2 P1 P2 $30,000 $62,500 $0 Direct costs $ 60,000 $100,000 $160,000 $140,000 $20,000 S1 Under the direct method of cost allocation, the amount of S1 costs allocated to S2 would be: 0.20 Proportion of Services Used by: S2 P1 0.70 0.10 0.30 P2 0.20 0.50

Cordner Corporation has two production departments, P1 and P2, and two service departments, S1 and S2. Direct costs for each department and the proportion of service costs used by the various departments for the month of July are as follows: Department S1 S2 P1 P2 $30,000 $62,500 $0 Direct costs $ 60,000 $100,000 $160,000 $140,000 $20,000 S1 Under the direct method of cost allocation, the amount of S1 costs allocated to S2 would be: 0.20 Proportion of Services Used by: S2 P1 0.70 0.10 0.30 P2 0.20 0.50

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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