Not use ai please correct answer the financial accounting question Euclid Corporation processes a patented chemical,P-1, and produces two outputs, P-11, and P-12. InAugust, the costs to process P-1 are $144,000 formaterials and $288,000 for conversion costs. P-11has a sales value of $640,000 and P-12 has a salesvalue of $160,000.Using the net realizable value method, assign coststo P-11 and P-12 for August.

Here is the summary table to serve as guide for the computation: To assign costs to P-11 and P-12…

Answered: Euclid Corporation processes a patented…

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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Euclid Corporation processes a patented chemical, P-1, and produces two outputs, P-11 and P-12. In August, the costs to process P-1 are $165,000 for materials and $330,000 for conversion costs. P-11 has a sales value of $712,000 and P-12 has a sales value of $178,000. Required: Using the net realizable value method, assign costs to P-11 and P-12 for August. (Do not round intermediate calculations.)
Euclid Corporation processes a patented chemical, P-1, and produces two outputs, P-11 and P-12. In August, the costs to process P-1 are $144,000 for materials and $288,000 for conversion costs. P-11 has a sales value of $640,000 and P-12 has a sales value of $160,000. Required Using the net realizable value method, assign costs to P-11 and P- 12 for August.
Sunland uses DM of $48,000 and incurs DL and MOH costs of $61,000 and $28,000, respectively, in a single process that results in two main products, Tex and Mex. Product Tex, which has an immediate sales value of $92,000, is further processed at a cost of $43,000 in order to increase its sales value to $150,000. How much are Sunland's joint costs, and to which products will they be assigned? How much are Sunland's separable costs, and to which products will they be assigned? Total joint costs Total separable costs $ Costs Assigned to
Corey Corporation manufactures joint products W and X. During a recent period, joint costs amounted to $450,000 in the production of 20,000 gallons of W and 50,000 gallons of X. Both products will be processed beyond the split-off point, giving rise to the following data: Separable processing costs Sales price (per gallon) if processed beyond split-off The joint cost allocated to W under the net-realizable-value method would be: (Do not round intermediate calculations.) Multiple Choice $156,000. $142,105, $110,000 $128.571. $40,000 $ 15 $ $160,000 13
Backer Company manufactures products Katran and Klare from a joint process. Product Katran has been allocated P7,500 of total joint costs of P30,000 for the 1,500 units produced. Katran can be sold at the splitoff point for P4 per unit, or it can be processed further with additional costs of P2,000 and sold for P7 per unit. If Katran is processed further and sold, the result would be A. a gain of P1,000 from further processing. B. a loss of P2,500 from further processing C. an overall loss of P1,500 D. a gain of P2,500 from further processing
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For the next 2 items. Markgil Corp. manufactures a product that yields the by-product "Yum". The only costs associated with Yum are selling costs of P.10 for each unit sold. Abel accounts for sales of Yum by deducting Yum's separable costs from Yum's sales, and then deducting this net amount from the major product's cost of goods sold. Yum's sales were 100,000 units at P1.00 each. If Markgil changes its method of accounting for Yum's sales by showing the net amount as additional sales revenue, then Markgil's gross margin would * a. Increase by P90,000 b. Decrease by P90,000 c. Increase by P100,000 d. Increase by P100,000 e. Be unaffected If Markgil changes its method of accounting for Yum's sales by showing the net amount as other income, then Markgil's gross margin would * a. Increase by P90,000 b. Decrease by P90,000 c. Increase by P100,000 d. Increase by P110,000 e. Be unaffected
Company E has two divisions, Division A and Division B. Division A is currently buying Component X from an external seller for $12. Division B produces Component X and has excess capacity. Using the following data, what would the transfer price per unit if Division A purchased Component X from Division B at the cost-based transfer price? Variable cost per unit $7.48 • Fixed cost per unit 1.97 • Division B sales price of Component X 14.50
Alphabet Soup Inc jointly produces A, B, and C at a joint cost of $100,000. The company uses the production method for byproducts and has estimated that B is a byproduct of manufacturing A and C with an estimated NRV of $6,000. The estimated NRVS of A and C are $80,000 and $80,000, respectively. If Alphabet Soup uses the NRV method in allocating joint costs, what will the cost allocation be? Select one: O a. $49,000 to A, $2,000 to B, and $49,000 to C. O b. $48,000 to A, $2,000 to B, and $48,000 to C. O c. $47,000 to A, $0 to B, and $47,000 to C. O d. $50,000 to A, $0 to B, and $50,000 to C. cross out cross out cross out cross out
SAMCIS Company produces three products (X, Y, and Z) in a joint process costing P100,000. The products can be sold as they leave the process, or they can be processed further and sold. The cost accountant has provided you with the following information: Separable Further Processing Costs P60,000 50,000 90,000 Sales Price at Split-Off Sales Price After Product Unit Volume Further Processing 3,000 4,000 8,000 Assume that all processing costs are variable costs. X Y P25 30 P10 15 20 35 Required: Which products should SAMCIS sell at split-off, and which products should be processed further?
The Freed Company produces three products, X, Y, Z, from a single raw material input. Product Y can be sold at the split-off point for total revenues of $50,000, or it can be processed further at a total cost of $16,000 and then sold for $68,000. Product Y: А. Should be sold at the split-off point, rather than processed further. В. Would increase the company's overall net operating income by $18,000 if processed further and then sold. С. Would increase the company's overall net operating income by $68,000 if processed further and then sold. D. Would increase the company's overall net operating income by $2,000 if processed further and then sold. Е. None of the above
Company E has two divisions, Division A and Division B. Division A is currently buying Component X from an external seller for $13. Division B produces Component X and has excess capacity. Using the following data, what would the transfer price per unit if Division A purchased Component X from Division B at the full-cost-based transfer price? Variable cost per unit $7.89 Fixed cost per unit 1.48 Division B sales price of Component X 14.5

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