eBook Pure lemonade Show Me How Joint Cost Allocation-Net Realizable Value Method Lily's Lemonade Stand makes three types of lemonade: pure, raspberry, and strawberry. The lemonade is produced through a joint mixing process that costs a total of $30 per batch. One batch produces 32 cups of pure lemonade, 21 cups of strawberry lemonade, and 21 cups of raspberry lemonade. After the split-off point, all three lemonades can be sold for $0.80 per cup, but strawberry and raspberry lemonade can be processed further by adding artificial coloring and flavoring and sold for $0.95 and $1.00 per cup, respectively. It is estimated that these additional processing costs are $0.75 and $1.80 per batch for strawberry and raspberry lemonade, respectively. Allocate the joint costs of production to each product using the net realizable value method. Joint Product Strawberry lemonade Raspberry lemonade Totals Upd. Allocation

eBook Pure lemonade Show Me How Joint Cost Allocation-Net Realizable Value Method Lily's Lemonade Stand makes three types of lemonade: pure, raspberry, and strawberry. The lemonade is produced through a joint mixing process that costs a total of $30 per batch. One batch produces 32 cups of pure lemonade, 21 cups of strawberry lemonade, and 21 cups of raspberry lemonade. After the split-off point, all three lemonades can be sold for $0.80 per cup, but strawberry and raspberry lemonade can be processed further by adding artificial coloring and flavoring and sold for $0.95 and $1.00 per cup, respectively. It is estimated that these additional processing costs are $0.75 and $1.80 per batch for strawberry and raspberry lemonade, respectively. Allocate the joint costs of production to each product using the net realizable value method. Joint Product Strawberry lemonade Raspberry lemonade Totals Upd. Allocation

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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Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each of the following costs of producing T-shirts with the appropriate classification. Clear All Ink used for screen printing Warehouse rent of $8,000 per month plus $0.50 per square foot of storage used Thread Electricity costs of $0.038 per kilowatt-hour Janitorial costs of $4,000 per month Fixed cost Variable cost Mixed cost
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eBook Show Me How Question Content Area CVP with Activity-Based Costing Busy-Bee Baking Company produces a variety of breads. The average price of a loaf of bread is $1. Costs are as follows: Cost Driver Unit VariableCost Level of CostDriver Units sold $0.65 — Setups $300 150 Maintenance hours $15 2,500 Other data: Total fixed costs (traditional) $140,000 Total fixed costs (ABC) 57,500 Required: 1. Compute the break-even point in units using conventional analysis. $400000 2. Compute the break-even point in units using activity-based analysis. $400000 3. Suppose that Busy-Bee could reduce the setup cost by $100 per setup and could reduce the number of maintenance hours needed to 1,000. How many units must be sold to break even in this case? Round your answer up to the next higher whole unit (for example, 50.3 units rounds to 51).
Ocean and Fish is a takeout food store at a popular beachside resort. Tommy Tillett, owner of Ocean and Fish, is deciding how much refrigerator space to devote to each of four different beverages. Appropriate data on the four beverages follow: Limeade Lemonade Ginger Ale Grape Juice Sales price per case $ 22.10 $ 21.00 $ 22.50 $ 45.70 Variable manufacturing costs per case 12.40 13.90 12.30 31.50 Variable selling cost per case 2.00 4.00 4.00 6.00 Cases sold per foot of shelf space per day 26 26 5 4 Ocean and Fish has a maximum 14 feet of front shelf space to devote to the four beverages combined. Tommy wants to use a minimum of two feet and a maximum of seven feet of front shelf space for each beverage. The contribution margin per case for Limeade is:
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Sibling Furniture Company manufactures and sells oak tables and chairs. Price and cost data for the furniture follow: (Click the icon to view the price and cost data.) Sibling Furniture has three sales representatives: Ansley, Bryce, and Camara. Ansley sold 110 tables with 4 chairs each. Bryce sold 70 tables with 6 chairs each. Camara sold 100 tables with 8 chairs each Read the requirements. Data table Calculate the total contribution margin for each sales representative. Sales representative: Ansley Bryce Camara Net sales revenue Tables Variable costs Chairs 1,300 $ 780 130 90 18 Contribution margin 9 Now calculate the contribution margin ratio for each sales representative. (Round to two decimal places-the nearest hundred Contribution margin ratio 8:49 PM S 5/20/2022 ? * IDI 16 7 L A @ 2 W S W 3 JL E $ V 4 R F 75 % 5 T G 40 6 Y C- & I 7 hp U 8 J to 144 9 K Sales Price Variable manufacturing costs Sales commission (10%) Print 11 ) () TW A4 P $ Done ENG [ 4 D 1 backspace
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Stretch Enterprises is aptly named because of its signature item---chewing gum! The owners started the business years ago when no existing gum had the right flavor and texture combination. After years of perfecting the process, they had a finely tuned operation. this year, Stretch's main processing department reported the following activity and costs. DM Conversion Costs Units in beg. WIP Inventory 300 Beg. WIP Int. degree of completion Cost in beg. WIP Inventory 100% 30% $ 298 $ 456 New Units started 22,000 Costs added to WIP Invt. this period $ 5,500 $ 4,362 Units completed 21,300 Units in ending WIP Invt. 1,000 Ending WIP Invt. degree of completion 100% 60% All DM resources are added to Stretch's processing department at the beginning of processing. Conversion costs are added evenl throughout the process. Required a. Complete Steps 1-5 of the template for Stretch Enterprises this year using the FIFO method of process costing, clearly labeling the following. • Equivalent units of…