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 $596,000. Additional information follows: Product Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 256,000 168,000 208,000 168,000 800,000 Product Chem-1 Chem-2 Chem-3 Chem-4 If Processed Further Joint Costs Allocated Sales Value at Additional Split-Off Costs $ 194,560 252,000 162,240 285,600 $ 894,400 $ 28,160 26,880 Sales Values $ 230,400 275,520 195,000 315,000 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. 24,960 30,240 $ 110,240 $ 1,015,920

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 $596,000. Additional information follows: Product Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 256,000 168,000 208,000 168,000 800,000 Product Chem-1 Chem-2 Chem-3 Chem-4 If Processed Further Joint Costs Allocated Sales Value at Additional Split-Off Costs $ 194,560 252,000 162,240 285,600 $ 894,400 $ 28,160 26,880 Sales Values $ 230,400 275,520 195,000 315,000 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. 24,960 30,240 $ 110,240 $ 1,015,920

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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2. Joint product costing 17 Flora Perfume Company manufactures two perfume products in a joint process. In July, raw materials costing $50,000 were processed at a conversion cost of $80,000. The joint process resulted in 10 litres of product A and 15 litres of product B. Product A can be sold for $2 per millilitres, and product B can be sold for $1.5 per millilitres. Management generally processes each of these chemicals further in separable processes to produce more refined perfume products. Product A is processed separately at a cost of $0.5 per millilitres. The resulting product, product X sells for $5 per millilitres. Product B is processed separately at a cost of $0.75 per millilitres. The resulting product, product Y, sells for $3 per millilitres. Required: Allocate the company's joint production costs for July using: a. The physical unit method b. The relative-sales-value method. c. The net-realizable-value method
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 Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 302,000 $ 234,000 $ 34,100 $ 274,000 Chem-2 190,000 278,000 30,800 304,000 Chem-3 206,000 163,600 26,300 194,000 Chem-4 158,000 260,400 27,700 284,000 856,000 $ 936,000 $ 118,900 $ 1,056,000 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.
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Instructions Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Dining, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $371,000, $142,000, and $98,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29.200, and work in process at the end of the period totaled $28.400 Required: a (1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials (2) a) On September 30, joumalize the entry to record the flow of costs into the Refining Department during the period for direct labor." On September 30, joumalize the entry to record the flow of costs into the Refining Department during the period for factory overhead b. On September 30, joumalize the entry to record the transfer of production costs to…
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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: 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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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
Sales-Value-at-Split-off Method Alomar Company manufactures four products from a joint production process: barlon, selene, plicene, and corsol. The joint costs for one batch are as follows: Direct materials $67,900 Direct labor 34,000 Overhead 25,500 At the split-off point, a batch yields 1,400 barlon, 2,600 selene, 2,500 plicene, and 3,500 corsol. All products are sold at the split-off point: barlon sells for $15 per unit, selene sells for $20 per unit, plicene sells for $26 per unit, and corsol sells for $35 per unit. Required: Allocate the joint costs using the sales-value-at-split-off method. If required, round allocation rates to four decimal places and round the final allocations to the nearest dollar. Allocated Joint Cost Barlon $ Selene Plicene Corsol Total $ (Note: The total of the allocated cost does not equal actual total costs to rounding.)
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