Data for a company's joint production for the current period is as follows: Product Quantities Produced A B 250 lbs. 200 lbs. $20/lb. Market Value at Split-Off Point $10/lb. Compute the cost to be allocated to Product B for this period's $1,000 of joint costs if the value basis is used. a. $333.33 b. $400.00 c. $615.38 d. $600.00

Data for a company's joint production for the current period is as follows: Product Quantities Produced A B 250 lbs. 200 lbs. $20/lb. Market Value at Split-Off Point $10/lb. Compute the cost to be allocated to Product B for this period's $1,000 of joint costs if the value basis is used. a. $333.33 b. $400.00 c. $615.38 d. $600.00

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 14E: LeMoyne Manufacturing Inc.’s joint cost of producing 2,000 units of Product X, 1,000 units of...

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ALASKA Company manufactures products F, G and W from a joint process. Joint costs are allocated on the basis of relative sales value at split-off. Additional informaton for the June 20x1 production activity as follows: F G W Total Units produced 50,000 40,000 10,000 100,000 Joint costs ? ? ? P450,000 Sales value at split-off P420,000 P270,000 P60,000 P750,000 Additional costs if processed further 88,000 30,000 12,000 130,000 Sales value if processed further 538,000 320,000 78,000 936,000 Assuming that the 10,000 units of W were processed further and sold for P78,000, what was ALASKA's gross profit on this sale?