5 POINTS Financial Accounting:Helix Manufacturing produces joint products X, Y, and Z from a jointprocess. Information concerning a batch produced in June at ajoint cost of $120,000 was as follows:Separable Processing costUnits Produced✗YZTotal$45,000$52,000$8,000$105,0002,4003,600 5,800 11,800Sales Value (after add $130,000 $145,000 $22,000 $297,000processing)The amount of joint costs allocated to product Z using the netrealizable value method is:a. $8,748 b. $12,780 c. $15,860 d. $8,305 e. $7,620

Explanation of Joint Products: Joint products are multiple end products that simultaneously emerge…

Answered: Financial Accounting: Helix…

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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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):
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 Chem-1 Chem-2 Chem-3 Chem-4 Units Produced Split-Off 288,000 $ 220,000 If Processed Further Sales Value at Additional Costs $ 32,700 Sales Values $ 260,000 176,000 192,000 144,000 264,000 29,400 149,600 24,900 290,000 180,000 800,000 246,400 $880,000 26,300 270,000 $ 113,300 $ 1,000,000 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: Do not round intermediate calculations. Joint Costs NRV at Split-Off Product Allocated Chem-1 Chem-2 Chem-3 Chem-4
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 $684,000 for materials and $324,000 for conversion costs. The results of the processing follow: Alpha Beta Gamma Product Alpha Beta Units Produced Required: Assign costs to Alpha, Beta, and Gamma for February using the net realizable value method Gamma Total 26,000 20,800 5,200 Sales Value per Unit $9.60 18.00 80.00 Cost Assigned $
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 Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 288,000 176,000 192,000 144,000 800,000 Chem-1 Chem-2 Chem-3 If Processed Further Required: Which, if any, of the four products would you recommend Barrett Chemicals sell at split-off (and not process further)? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. Chem-4 Sales Value at Additional Split-Off Costs $ 220,000 264,000 149,600 246,400 $ 880,000 $ 32,700 29,400 24,900 26,300 $ 113,300 Sales Values $ 260,000 290,000 180,000 270,000 $ 1,000,000 h
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…
Cost per equivalent unit The cost of direct materials transferred into the Rolling Department of Kraus Company is $3,397,000. The conversion cost for the period in the Rolling Department is $114,425. The total equivalent units for direct materials and conversion are 4,300 tons and 995 tons, respectively. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet Determine the direct materials and conversion costs per equivalent unit. Round your answers to the nearest dollar. Direct materials cost per equivalent unit: $ Conversion cost per equivalent unit: per ton per ton 4
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: 270,000 If Processed Further Additional Costs $ 33,300 Product Chem-1 Units Produced 294,000 Sales Value at Split-Off $ 226,000 Sales Values $ 266,000 Chem-2 182,000 30,000 296,000 Chem-3 198,000 Chem-4 150,000 824,000 155,600 252,400 25,500 26,900 186,000 276,000 $ 904,000 $ 115,700 $ 1,024,000 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.
The Homer Corporation produces two products, and reports the following production and cost information for the most recent accounting period. Product A Product B Number of units produced 20,000 units 4,000 units Direct labor @ $20 per direct labor hour (DLH) 0.50 DLH per unit 2.00 DLH per unit Direct materials cost $ 4 per unit $ 35 per unit Overhead costs: Total Cost ActivityDriver Product A Product B Machine setup $ 2,000.00 setups 6 setups 14 setups Quality inspections 31,000.00 inspections 80 inspections 120 inspections Total $ 33,000.00 Using activity-based costing to assign overhead costs, the activity rate for machine setups is:
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 $590,000. Additional Information follows: Sales Value at Split-Off $ 212,800 If Processed Further Additional Costs 393,600 172,500 Product Chem-1 Units Produced Sales Values 280,000 $ 30,800 $ 252,000 Chem-2 240,000 38,400 Chem-3 184,000 22,080 Chem-4 96,000 800,000 17,280 180,000 $ 879,520 $ 108,560 $ 998,100 360,000 143,520 163,200 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. Joint Costs Allocated Product Chem-1 Chem-2 Chem-3 Chem-4
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 $1,084,000 for materials and $644,000 for conversion costs. The results of the processing follow: Units Produced Sales Value per Unit Alpha Beta 31,000 $ 9.60 24,800 Gamma 6,200 18.00 80.00 Required: Assign costs to Alpha, Beta, and Gamma for February using the net realizable value method. Product Cost Assigned Alpha Beta Gamma Total S 0
8. Bose Earbuds has the following equivalent units for July: materials 20,000 and conversion costs 18,000. Production cost data are: isgor Conversion $ 3,000 42,000 Materials $ 6,400 50,400 Work in process, July 1 Costs added in July % (a Which of the following are the unit production costs for July? Conversion Costs $2.50 G(Q Materials A) $2.52 93h S1 N) me (& eainu 2.33 iiggd or Jo eang of o odToupo Uiyol heirvooss so Sai B) 2.84 .bosg edt to bar 2.33 2.52 C) 18Faru 1 toaw e ( 2.50 D) 2.84 leviups bro 9. In the Preparation Department of Cara's Cosmetics the unit materials cost is $3.00 and the unit conversion cost is $1.80. The department transferred out 8,000 units and had 2,000 units in ending work in process 20% complete. If all materials are added at the beginning of the process, what is the total cost to be assigned to the ending work in process? A) $9,600. B) $6,000. C) $1,920. D) $6,720. 2jog C) voe dr Anornbab ow! li nce OTO nelar oak itoi npl 10. Top Flight Company had the…
using the physical quantities method

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