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.…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 8EB: A production department within a company received materials of $7,000 and conversion costs of $5,000...

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Monroe Materials processes a purchased material, PM-20, and produces three outputs, Alpha, Beta, and Gamma. In February, the costs to process PM-20 are $524,000 for materials and $196,000 for conversion costs. The results of the processing follow: Alpha Beta Gamma Product Alpha Beta Units Produced 24,000 19, 200 4,800 Required: Assign costs to Alpha, Beta, and Gamma for February using the net realizable value method. Gamma Total Sales Value per Unit $ 9.60 18.00 80.00 Cost Assigned
Monroe Materials processes a purchased material, PM-20, and produces three outputs, Alpha, Beta, and Gamma. In February, the costs to process PM-20 are $524,000 for materials and $196,000 for conversion costs. The results of the processing follow: Units Produced Sales Value per Unit Alpha 24,000 $ 9.60 Beta Gamma 19,200 4,800 18.00 80.00 Required: Assign costs to Alpha, Beta, and Gamma for February using the physical quantities method. Product Cost Assigned Alpha Beta Gamma Total $ 0
A company manufacture it main product in two different consecutive processes, process 1 andprocess 2. The output from process 1 is transferred to process 2 the output of process 2 is sent tothe packaging department. Information for the week ended 31 August 2009 is as follows;Process 1Input Material X 18,00kg @ GH¢1 per kgMaterial Y 12,000 kg @ GH¢2 per kgLabour 1,720 hours @ GH¢3 per hourNormal loss 5% of inputSales price of scrap GH¢0.32 per kgOutput 27,000 kgThere was no opening stock but 600 kg of closing work in progress in process 1 at the end of theweek which is estimated to be 60% complete with regard to conversion cost.Process 2Input Material P 19,800 kg @ GH¢2.5 per kgMaterial Y 12,600 kg @ GH¢1.5 per kgAdditives GH¢1,800Labour 1,480 hours @ GH¢3 per hourNormal loss 5% of inputOutput 56,000 kgThere was no opening WIP but there 3,000 kg in process 2 at the end of the week which isestimated to be 50% complete with regard to labour and overheads. Total overheads ofGH¢19,200 was…
ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
using the physical quantities method
Subject: acounting
Chem Manufacturing Company processes direct materials up to the splitoff point where two products (X and Y) are obtained and sold. The following information was collected for the month of November: Production: X 3000 gallons, Y 2000 gallons . Sales: X 2600 at $15 per gallon ,Y 1700 at $10 per gallon. The joint cost was $20000. No beginning inventories of X and Y. --- Using the physical-volume method, joint cost allocated for X : Select one: O a. $20000 O b. $8000 c. $12000 O d. $10000
Keiffer Production manufactures three joint products in a single process. The following information is available for August: (See attached) Allocate the joint cost of $1,339,200 to the production based on the following: a. number of gallons. JP-4539 $ JP-4587 JP-4591 Total $ b. sales value at split-off. JP-4539 $ JP-4587 JP-4591 Total $ c. approximated net realizable values at split-off. JP-4539 $ JP-4587 JP-4591 Total $
Mukh
am.1000.
How much should be the accumulated cost of work in process as of May 31? a. P90,000 b. P100,000 c. P190,000 d. P220,000
Data obtained from Antanian Manufacturing Inc. for July 2020 are as follows:Assembly DepartmentBeginning WIP- 100% RM, 60% CC 2.000 unitEnding WIP- 90% RM, 25% CC 1.400 unitsUnit put in process 6.000 unitsLost units (end of process) 100 unitsSpoiled units (abnormal) 200 unitsCost of Beginning WIP:- RM $ 450,000- CC 550,000Current Manufacturing Costs:- RM $ 750,000- CC 1,150,000 Required: Prepare cost of production (COGM) report for Assembly Department by using weighted averagemethod of process costing!

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