Fortune Producers manufactures three joint products, JKA, JKB, and JKC and a by- product JJD, all in a single process. Results for July are as follows: Materials used . Conversion cost 10,000 kgs., P24,000 28,000 Output Kilograms 4,000 3,000 1,000 2,000 Product ЈКА JKB JKC JJD Sales Value per kg. P11 10 26 1 The revenue from the by-product is credited to the sales account. Process costs are Apportioned on a relative sales value approach.

Fortune Producers manufactures three joint products, JKA, JKB, and JKC and a by- product JJD, all in a single process. Results for July are as follows: Materials used . Conversion cost 10,000 kgs., P24,000 28,000 Output Kilograms 4,000 3,000 1,000 2,000 Product ЈКА JKB JKC JJD Sales Value per kg. P11 10 26 1 The revenue from the by-product is credited to the sales account. Process costs are Apportioned on a relative sales value approach.

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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Fortune Producers manufactures three joint products, JKA, JKB, and JKC, and a by-product, JJD, all in a single process. Results for the month of July 2021 were as follows: The revenue from the by-product is credited to the sales account. Process costs are appointed on a sales value method. What was the cost per kilo of JKA for the month? A. 5.72 B. 5.61 C. 5.50 D. 5.20
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: In October, what is the amount of conversion costs added in Department B? P492,480 P506,520 P531,900 P812,380
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: In October, what is the total costs transferred from Department A to Department B? P1,031,900 P 880,520 P 812,380 P 988,000
Sharpest Ltd produces three products (A, B and C) and one by-product (D) in its joint process. The following information relates to production at the end of the current month: Product Units produced Sales value at split off Further processing costs Final sales value A 13000 R18 R24 R3 B 18000 R28 N/A R28 C 22000 R26 N/A R26 D 4500 R1.5 R1 R4 If the total cost of the joint process was R286000 and the sales value at split off method is used by Sharpest Ltd to apportion the costs, calculate the total costs attributable to product A. a. R48675.57 b. R50825.14 c. R50283.21 d. R47268.35 e. R55146.40
Help with this one please, thanks.
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Cruz Company presented the following costs on three processes: what is the equivalent unit of production (EUP) on conversion in Department A? 102,900 98,500 102,000 95,000
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: what is the total costs transferred from Department B to Department C? P1,821,600 P1,031,900 P1,868,520 P1,782,000
Assume that the costs per EUP for material and conversion are P1.00 and P1.50, respectively. Using FIFO, what is the total cost assigned to the transferred-out units (rounded to the nearest peso)? P237,000 P224,938 P244,438 P245,750
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
Calla Corporation processes a single material into three separate products A, B, and C. During September, the joint costs of processing were P300,000. Production and sales value information for the month were as follows: Product Units Produced Final Sales Value per Unit Separable Costs A 10,000 P25 P125,000 B 15,000 30 250,000 C 12,500 24 125,000 Required: Determine the amount of joint cost allocated to each product if the constant gross-margin percentage NRV method is used.
PLEASE SHOW YOUR SOLUTIONS. ASAP THANKS. #11
A Chemical Company manufactures joint products Pep and Vim, and a by-product Zest. Costs are assigned to the joint products by the market value method, which considers further processing costs in subsequent operations. For allocating cost to the by-product, the market value or reversal cost method is used. Total manufacturing costs for 10,000 units were P172,000 during the quarter. Production and cost data follow: Pep Vim Zest Units Produced 5,000 4,000 1,000 Sales price per unit 50.00 40.00 5.00 Further processing cost per unit 10.00 5.00 0.00 Selling & Adm. Expense per unit 0.00 0.00 2.00 Operating Profit per unit 0.00 0.00 1.00 The gross profit for Pep is