Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3)Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs inMay were $564,000. Additional information follows:ProductChem-1Chem-2Chen-3Chen-4UnitsProduced308,000196,000212,000164,000880,000Sales Value at AdditionalCosts$ 34,700Split-Off$ 240,000284,000169,600266,400NRV at Split-OffProductChem-1 $ 245,300 $Chem-2 $278,600 $Chem-3 $173,100 $Chem-4 $ 261,700 $If Processed FurtherJoint CostsAllocated31,40026,90028,300$ 950,000 $ 121,300 $ 1,080,000Required:Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product inMay?Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts.Sales Values$ 280,000310,000200,000290,000144,328163,898101,858153,972

Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: Product Chem-1 Chem-2 Chen-3 Chen-4 Units Produced 308,000 196,000. 212,000 164,000 880,000 NRV at Split-Off Sales Value at Additional Costs If Processed Further Split-Off $ 240,000 284,000 169,600 266,400 $ 960,000 $ 121,300 Joint Costs Allocated Product Chem-1 $ 245,300 $ Chem-2 $ 278,600 S Chem-3 $ 173,100 $ Chem-4 $ 261,700 $ Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. 144,328 163,898 101,858 153,972 $ 34,700 31,400 26,900 28,300 Sales Values: $ 280,000 310,000 200,000 290,000 $ 1,080,000

Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: Product Chem-1 Chem-2 Chen-3 Chen-4 Units Produced 308,000 196,000. 212,000 164,000 880,000 NRV at Split-Off Sales Value at Additional Costs If Processed Further Split-Off $ 240,000 284,000 169,600 266,400 $ 960,000 $ 121,300 Joint Costs Allocated Product Chem-1 $ 245,300 $ Chem-2 $ 278,600 S Chem-3 $ 173,100 $ Chem-4 $ 261,700 $ Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. 144,328 163,898 101,858 153,972 $ 34,700 31,400 26,900 28,300 Sales Values: $ 280,000 310,000 200,000 290,000 $ 1,080,000

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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20 The Mallak Company produced three joint products at a joint cost of $102,000. Two of these products were processed further. Production and sales were: Product P Q R Weight Sales 301,000 pounds $ 246,750 31,000 177,250 101,000 pounds 101,000 pounds Additional Processing Costs $ 201,000 0 101,000 Assume Q is a by-product and Mallak uses the cost reduction method of accounting for by-product cost. If estimated net realizable value is used, how much of the joint costs would be allocated to product R? Note: Do not round intermediate calculations.
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Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: If Processed Further Sales Value at Additional Product Chem-1 Chem-2 Units Produced 291,000 Split-Off Costs Sales Values $ 223,000 $ 33,000 $ 263,000 179,000 Chem-3 195,000 Chem-4 147,000 812,000 267,000 152,600 249,400 29,700 293,000 25,200 183,000 26,600 273,000 $ 892,000 $ 114,500 $ 1,012,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Product NRV at Split- Off Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4
Problem 11-75 (Algo) Joint Cost Allocation and Product Profitability (LO 11-7, 8, 9) Prescott Lumber processes logs into grade A and grade B lumber. Logs cost $17,200 per load. The milling process produces 5,000 units of grade A with a market value of $100,800, and 20,000 units of grade B with a market value of 514,400. The cost of the milling process is $22,000 per load. Required: a. If the costs of the logs and the milling process are allocated on the basis of units of output what cost will be assigned to each product? b. If the costs of the logs and the milling process are allocated on the basis of the net realizable value, what cost will be assigned to each product? c-1. How much profit or loss does the grade B lumber provide using the data in this problem and your analysis in requirement (a)? c-2. Is it really possible to determine which product is more profitable? Complete this question by entering your answers in the tabs below. ReqA If the costs of the logs and the milling…
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