Euclid Corporation processes a patented chemical, P1, and produces two outputs, P.11 and P-12. In August, the costs to process P-1 are $190,000 for materials and $340,000 for conversion costs. P.11 has a sales value of $664,000 and P-12 has a sales value of $166,000 Required: Using the net realizable value method, assign costs to P-11 and P-12 for August. (Do not round intermediate calculations.) Cost Assigned P-11, P-12

Euclid Corporation processes a patented chemical, P1, and produces two outputs, P.11 and P-12. In August, the costs to process P-1 are $190,000 for materials and $340,000 for conversion costs. P.11 has a sales value of $664,000 and P-12 has a sales value of $166,000 Required: Using the net realizable value method, assign costs to P-11 and P-12 for August. (Do not round intermediate calculations.) Cost Assigned P-11, P-12

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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Answer the given question with a proper explanation and step-by-step solution. Please help me find an answer.
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