Exercise 11-48 (Algo) Physical Quantities 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 $598,000. Additional information follows:If Processed FurtherProductChem-1Chem-2UnitsProduced248,000Sales Value at AdditionalSplit-Off$ 188,480CostsSales Values$ 27,280$ 223,200160,000240,00025,600262,400Chem-3216,000Chem-4176,000168,480299,20025,92031,680202,500330,000800,000$ 896,160$ 110,480$ 1,018,100Required:Barrett Chemicals uses the physical quantities 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.Joint CostsProductAllocatedChem-1Chem-2Chem-3Chem-4

Joint cost means the cost incurred to produce more than one units and then joint cost need to be…

Exercise 11-48 (Algo) Physical Quantities 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 $598,000. Additional information follows: If Processed Further Sales Value at Additional Product Units Produced Chem-1 248,000 Split-Off $ 188,480 Chem-2 160,000 Chem-3 216,000 Chem-4 176,000 800,000 240,000 168,480 299,200 25,600 Costs Sales Values $ 27,280 $ 223,200 262,400 25,920 202,500 31,680 330,000 $ 896,160 $ 110,480 $ 1,018,100 Required: Barrett Chemicals uses the physical quantities 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 Chem-1 Chem-2 Chem-3 Chem-4 Joint Costs Allocated

Exercise 11-48 (Algo) Physical Quantities 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 $598,000. Additional information follows: If Processed Further Sales Value at Additional Product Units Produced Chem-1 248,000 Split-Off $ 188,480 Chem-2 160,000 Chem-3 216,000 Chem-4 176,000 800,000 240,000 168,480 299,200 25,600 Costs Sales Values $ 27,280 $ 223,200 262,400 25,920 202,500 31,680 330,000 $ 896,160 $ 110,480 $ 1,018,100 Required: Barrett Chemicals uses the physical quantities 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 Chem-1 Chem-2 Chem-3 Chem-4 Joint Costs Allocated

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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Division X supplies partially completed units of product to division Y. The divisions negotiated a price of $30 plus 20% per unit. Assuming Division X completed and transferred 5,000 units to division Ythe total transfer price this transaction is :
Deming & Sons manufactures four grades of lubricant, W-10, W-20, W-30, and W-40, from a joint process. Additional information follows. Units Product Produced 54,600 39,000 W-10 W-20 W-30 W-40 Product 31, 200 31, 200 156,000 W-10 W-20 W-30 W-40 Sales Value at Split-Off $324,000 279,000 189,000 144,000 $936,000 Required: Assuming that total joint costs of $327,600 were allocated using the physical quantities method, what joint costs were allocated to each product? (Do not round intermediate calculations.) Joint Costs Allocated If Processed Further S 114,300 $ 91,800 $ 73,800 $ 73,800 Additional Costs $ 35,000 27,900 18,900 11,700 $ 93,500 Sales Values $ 355,000 324,000 234,000 156,000 $1,069,000
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: 281,000 If Processed Further Additional Costs $ 34,400 31,100 Sales Values $ 277,000 307,000 Product Chem-1 Units Produced 305,000 Sales Value at Split-Off $ 237,000 Chem-2 193,000 Chem-3 209,000 Chem-4 161,000 166,600 263,400 26,600 28,000 197,000 287,000 868,000 $ 948,000 $ 120,100 $ 1,068,000 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
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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 Chem-3 Chem-4 Units Produced 288,000 176,000 192,000 144,000 800,000 Chem-1 Chem-2 Chem-3 If Processed Further Required: Which, if any, of the four products would you recommend Barrett Chemicals sell at split-off (and not process further)? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. Chem-4 Sales Value at Additional Split-Off Costs $ 220,000 264,000 149,600 246,400 $ 880,000 $ 32,700 29,400 24,900 26,300 $ 113,300 Sales Values $ 260,000 290,000 180,000 270,000 $ 1,000,000 h
Forest Products, Incorporated manufactures three products (FP-10, FP-20, and FP-40) from a single, joint input. None of the products can be sold without further processing. In November, joint product costs were $241,300. Additional information follows: Product FP-10 FP-20 FP-40 Units Produced 105,000 157,500 87,500 Product FP-10 FP-20 FP-40 Sales Values $ 177,750 311,250 85,300 Required: Forest Products uses the physical quantities (units produced) method to allocate joint costs. What joint costs would be allocated to each of the three products in November? Joint Costs Allocated Processing Costs (After Split-Off) $ 29,300 109,300 25,300
am. 113.