Please answer the following. Thankyou Exercise 8-7. REVERSAL COST METHOD FOR BY-PRODUCTSRC Inc. manufactures one main product and two by-products. Data for July of the current year follow:ByproductAP 12,000MainProductP150,00075,000ByproductBP 7,000SalesManufacturingcostbefore separationManufacturingafter separationSelling and generalcost23,0002,2001,80012,0001,5001,100expensesREQUIRED: An income statement, assuming no beginning or ending inventories and using the reversalcost method for the by-products, allowing a 15% operating profit for Byproduct A and 12% operatingprofit for Byproduct B.

Exercise 8-7. REVERSAL COST METHOD FOR BY-PRODUCTS RC Inc. manufactures one main product and two by-products. Data for July of the current year follow: Byproduct A P 12,000 Main Product P150,000 75,000 Byproduct B P 7,000 Sales Manufacturing cost before separation 1,800 Manufacturing cost after separation Selling and general 23,000 2,200 12,000 1,500 1,100 expenses REQUIRED: An income statement, assuming no beginning or ending inventories and using the reversal cost method for the by-products, allowing a 15% operating profit for Byproduct A and 12% operating profit for Byproduct B.

Exercise 8-7. REVERSAL COST METHOD FOR BY-PRODUCTS RC Inc. manufactures one main product and two by-products. Data for July of the current year follow: Byproduct A P 12,000 Main Product P150,000 75,000 Byproduct B P 7,000 Sales Manufacturing cost before separation 1,800 Manufacturing cost after separation Selling and general 23,000 2,200 12,000 1,500 1,100 expenses REQUIRED: An income statement, assuming no beginning or ending inventories and using the reversal cost method for the by-products, allowing a 15% operating profit for Byproduct A and 12% operating profit for Byproduct B.

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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