Forest Products, Incorporated manufactures three products (FP-10, FP-20, and FP-40) from a single, joint input. None of the products can be sold without further processing. In November, joint product costs were $240,100. Additional information follows: Product Units Produced Sales Values Processing Costs (After Split-Off) FP-10 69,000 $ 168,750 $ 28,100 FP-20 103,500 308,250 108,100 FP-40 57,500 84,100 24,100 Required: Forest Products uses the physical quantities (units produced) method to allocate joint costs. What joint costs would be allocated to each of the three products in November?
Forest Products, Incorporated manufactures three products (FP-10, FP-20, and FP-40) from a single, joint input. None of the products can be sold without further processing. In November, joint product costs were $240,100. Additional information follows: Product Units Produced Sales Values Processing Costs (After Split-Off) FP-10 69,000 $ 168,750 $ 28,100 FP-20 103,500 308,250 108,100 FP-40 57,500 84,100 24,100 Required: Forest Products uses the physical quantities (units produced) method to allocate joint costs. What joint costs would be allocated to each of the three products in November?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Forest Products, Incorporated manufactures three products (FP-10, FP-20, and FP-40) from a single, joint input. None of the products can be sold without further processing. In November, joint product costs were $240,100. Additional information follows:
| Product | Units Produced | Sales Values | |
|---|---|---|---|
| FP-10 | 69,000 | $ 168,750 | $ 28,100 |
| FP-20 | 103,500 | 308,250 | 108,100 |
| FP-40 | 57,500 | 84,100 | 24,100 |
Required:
Forest Products uses the physical quantities (units produced) method to allocate joint costs. What joint costs would be allocated to each of the three products in November?
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