Harmony Inc Financial Accounting:Harmon Inc. produces joint products L, M, and N from a joint process.Information concerning a batch produced in May at a joint cost of $80,000was as follows:Separable Processing costUnit ProducesLMNTotal$38,000 $35,000 $4,000 $43,0001,200 2,500 4,300 8,000Sales Value (after add processing) $90,000 $85,000 $11,000 $155,000The amount of joint costs allocated to product N using the net realizable valuemethod is:

Concept of Joint ProductsJoint products refer to two or more products that are produced…

Answered: Financial Accounting: Harmon Inc.…

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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Harmon Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $75,000 was as follows: M Total Separable Processing cost $10,000 $25,000 $2,000 $ 37,000 Units Produced 1,200 2,500 4,300 8,000 Sales Value (after addt'1 processing) $60,000 $50,000 $7,000 $117,000 The amount of joint costs allocated to product M using the net realizable value method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar):
Batches Incorporated produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $95,000 was as follows: L M N Total Separable Processing cost $ 12,000 $ 29,000 $ 8,000 $ 49,000 Units Produced 2,000 4,500 5,100 11,600 Sales Value (after additional processing) $ 68,000 $ 60,000 $ 19,000 $ 147,000 The amount of joint costs allocated to product M using the physical measure method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar):
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Donna Corporation manufactures products (Bud, Cud, and Dud) from a joint process The total costs for January is P250,000. Other information for January show: Quantity Processing cost after SO Ultimate sales value Bud 3,000 P50,000 150,000 (2) P150,000 (2) P175,000 (2) P200,000 (2) P200,000 Cud 4,000 P75,000 275,000 19. What is the total production cost for (1) Bud, (2) Cud, and (3) Dud using the market value method? a. (1) P100,000 b. (1) P125,000 c. (1) P137,500 d. (1) P112,500 (3) P250,000 (3) P200,000 (3) P225,000 (3) P187,500 Dud 3,000 P125,000 225,000
Benjamin Signal Company produces products R, J, C from a joint process. Each product may be sold at the split off point or be processed further. Joint production costs of $92,000 are allocated to the products based on the relative number of units produced. Data for the current year operations follow: Product Units Allocated Joint Sales Value at Produced Production Spit off Cost $ 32,000 $ 40,000 $ 20,000 $ 76,000 $ 71,000 $ 48,000 R 8,000 10,000 5,000 Product R can be processed beyond the split off point for an additional cost of $26,000 and can then be sold for $105,000. Product J can be processed beyond the split off point for an additional $38,000 and then sold for $117,000. Product C can be processed beyond the split off point for an additional $12,000 and then sold for $57,000. Required: Which products should be processed beyond the split off point? Show your calculations.
Joint Products Tango Company produces joint products M, N, and T from a joint process. Thisinformation concerns a batch produced in April at a joint cost of $120,000:ProductUnits Producedand SoldAfter Split-OffTotal Separable Costs Total Final Sales ValueM 10,000 $10,000 $160,000N 4,000 10,000 140,000T 5,000 5,000 25,000Required How much of the joint cost should be allocated to each joint product using the net realizablevalue method?
Johns Company manufactures products R, S, and I from a joint process. The following information is available: Product R. Total Units produced 12,000 ? 24,000 ? $50,000 $200,000 ? $120,000 Sales value at split-off Joint costs $ 48,000 Sales value if processed further Additional costs if processed further $ 18,000 $14,000 $10,000 $ 42,000 $110,000 $90,000 $60,000 $260,000 Assuming that joint product costs are allocated using the relative-sales-value at split-off approach, what was the sales value at split-off for products R and S? Product R Product S $ 55,000 $ 63,000 $ 80,000 $ 91,000 A) $ 75,000 B) $81,000 C) $70,000 D) $83,000 E) $101,000 $ 92,000
ohns Company manufactures products R, S, and T from a joint process. The following information is available: Product R S T Total Units produced 25,000 ? ? 50,000 Sales value at split-off ? ? $ 103,000 $ 420,000 Joint costs $ 100,000 ? ? $ 250,000 Sales value if processed further $ 240,000 $ 187,500 $ 125,000 $ 552,500 Additional costs if processed further $ 37,500 $ 28,000 $ 21,250 $ 86,750 Assuming that joint product costs are allocated using the relative-sales-value at split-off approach, what was the sales value at split-off for products R and S? Product R Product S A) $ 143,000 $ 154,000 B) $ 151,000 $ 160,000 C) $ 168,000 $ 149,000 D) $ 179,000 $ 162,000 E) $ 189,000 $ 171,000 Multiple Choice Option A Option B Option C Option D Option E
Tango Company produces joint products M, N, and T from a joint process. This information concerns a batch produced in April at a joint cost of $190,000: Product Units Produced and Sold After Split-Off Total Separable Costs Total Final Sales Value M 17,000 $ 18,800 $ 230,000 N 11,000 16,400 210,000 T 12,000 3,800 39,000 Required: How much of the joint cost should be allocated to each joint product using the net realizable value method?
The G-Lab Company produced three joint products at a joint cost of $170,000. Two of these products were processed further. Production and sales were: Additional Processing Costs 200,000 0 100,000 Product A B C Weight 500,000 lbs. 600,000 lbs. 700,000 lbs. Sales OA. $113,333.33 B. $92,555.56 C. $66,111.11 D. $47,222.22 245,000 30,000 175,000 If joint costs are allocated based on relative weight of the outputs and all products are main products, how much of the joint costs would be allocated to product A? (Do not round intermediary calculations. Round final answer to the nearest cent.)

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