Solve this financial accounting Financial Accounting:Harmon Inc. produces joint products L, M, and N from a jointprocess. Information concerning a batch produced in May at ajoint cost of $80,000 was as follows:Separable Processing costUnit ProducesSalesLMN$38,000 $35,000 $4,0001,200 2,500 4,300Total$43,0008,000Value (after add $90,000 $85,000 $11,000 $155,000processing)The amount of joint costs allocated to product N using the netrealizable value method is:a. $13,558 b. $20,875 c. $3,614 d. $4,688 e. $5,136

Explanation of Net Realizable Value (NRV):The Net Realizable Value (NRV) is the estimated value of a…

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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Harmony Inc
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):
Provide correct answer
6
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
The Trece Co. manufactures joint products X and Y as well as by-product Z. Cumulative costs data for the period show P204,000 representing 20,000 units completed processed through the Refining Department at an average cost of P10.20. Costs are assigned to X and Y by the market value method which considers further processing costs in subsequent operations. Additional data: Z X Y Quantity processed 2,000 units 8,000 units 10,000 units Sales price per unit P5 P20 P25 Further processing cost per unit 1 5 7 Marketing and administrative expense per unit 1 Operating profit per unit 1 Required: a. Assuming by-product value is material determine the joint cost allocated to Z using Net realizable value method and joint cost to X and Y. b. Assuming by-product value is immaterial and insignificant, what is the joint cost allocated to X and Y.
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 $115.000 was as follows: Separable Processing cost Units Produced Sales Value (after additional processing) Multiple Choice $15,779 The amount of joint costs allocated to product L 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): O $16,853 $ 14,000 $ 33,000 2,800 6,500 $ 76,000 $ 70,000 $36,681 N $ 14,000 5,900 $ 31,000 Total $ 61,000 15,200 $ 177,000 B
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 $85,000 was as follows: The amount of joint costs allocated to product L 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): J 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 $85,000 was as follows: C Separable Processing cost Units Produced Sales Value (after addt'l processing) L M N Total $11,000 $27,000 $5,000 $ 43,000 1,600 3,500 4,700 9,800 $64,000 $55,000 $13,000 $132,000 The amount of joint costs allocated to product L 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):
The Trece Co. manufactures joint products X and Y as well as by-product Z. Cumulative costs data for the period show P204,000 representing 20,000 units completed processed through the Refining Department at an average cost of P10.20. Costs are assigned to X and Y by the market value method which considers further processing costs in subsequent operations.Additional data: Z X YQuantity processed 2,000 units 8,000 units 10,000 unitsSales price per unit P5 P20 P25Further processing cost per unit 1 5 7Marketing and administrativeexpense per unit 1Operating profit per unit 1 Required:a. Assuming by-product value is material determine the joint cost allocated to Z using Net realizable value method and joint cost to X and Y.b. Assuming by-product value is immaterial and insignificant,…
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.)
London Food Processing corporation (LFP. Ltd)manufactures two products: A and B. A review of thecompany's accounting records revealed the following per unit costs and production volumes:A BProduction volume (units) 2,500 5,000Direct material £ 40 £ 50Direct labor:2 hours at £15 303 hours at £15 45Manufacturing overhead:2 hours at £90 1803 hours at £90 270Manufacturing overhead is currently computed by spreadingoverhead of £1,800,000 over 20,000 direct labor hours.Management is considering a shift to activity-based costing inan effort to improve the firm's accounting procedures, and thefollowing data are available:Cost Driver VolumeCost Pool Cost Cost Driver A B TotalSetups £ 240,000 Number of setups 100 20 120General factory 1,500,000 Direct labor hours 5,000 15,000 20,000Machineprocessing60,000 Machine hours 2,200 800 3,000£1,800,000LFP. Ltd determines selling prices by adding 30% to aproduct's total cost.Required:a) Compute the per-unit cost and selling price of product B byusing…
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

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