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Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processe In Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Mining $ 464,000 $ 380,000 Products Units sold Units in ending inventory (December 31) Sales revenue Plant A $ 394,000 $ 330,400 Metal-A Plant B $ 272,000 $ 128,000 218,000 73,000 $ 1,090,000 Metal-B 152,000 e $ 578,000 Metal-C 73,000 52,000 $ 182,500

Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processe In Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Mining $ 464,000 $ 380,000 Products Units sold Units in ending inventory (December 31) Sales revenue Plant A $ 394,000 $ 330,400 Metal-A Plant B $ 272,000 $ 128,000 218,000 73,000 $ 1,090,000 Metal-B 152,000 e $ 578,000 Metal-C 73,000 52,000 $ 182,500

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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S Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed In Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: . Process: Labor Manufacturing overhead Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following: Mining $ 464,000 $ 380,000 9: Plant A $ 394,000 $ 330,400 c. Cost of Metal-B sold d. Ending inventory for Metal-C Plant B $ 272,000 $ 128,000 iem Metal-A 218,000 73,000 $ 1,090,000 Metal-B 152,000 e Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate Joint costs. $ 578,000 Metal-C 73,000 52,000 $ 182,500 c. The cost of Metal-B sold for the period ended December 31. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending Inventory for Metal-C. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar.
Transcribed Image Text:S Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed In Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: . Process: Labor Manufacturing overhead Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following: Mining $ 464,000 $ 380,000 9: Plant A $ 394,000 $ 330,400 c. Cost of Metal-B sold d. Ending inventory for Metal-C Plant B $ 272,000 $ 128,000 iem Metal-A 218,000 73,000 $ 1,090,000 Metal-B 152,000 e Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate Joint costs. $ 578,000 Metal-C 73,000 52,000 $ 182,500 c. The cost of Metal-B sold for the period ended December 31. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar. d. The value of the ending Inventory for Metal-C. Note: Do not round Intermediate calculations. Round your final answer to the nearest whole dollar.
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