+ //MN* 00目COOC.3HelpSave & ExitSuDRAPSGreat Falls Company makes two products, Wool Gloves and Wool Mittens. They are initially processed from the same raw material and then,after split-off, further processed separately. Additional information is as follows:GlovesMittensTotalFinal Sales Price$12,300$9,630$21,930$ 8,238Joint Costs Prior to Split-0ff PointCosts Beyond Split-Off Point$ 4,100$4,100$8,200What are the joint costs allocated to Gloves and Mittens assuming Great Falls uses the estimated net realizable value approach?GlovesMittens$4,119$3,758$3,318$3,158A.$4,119B.$4,480C.$4,920D.$5,080Multiple Choice< Prev9 of 20Next >10:26 P(Dツ4/26/202ere to search近PrtScDelete同にF10F11F12InsF7F8E3F4&235.8.GH.K.SB.Ctrl

Joint costs are the costs associated with more than two products.

Freat Falls Company makes two products, Wool Gloves and Wool Mittens. They are initially processed from the same raw material and then, fter split-off, further processed separately. Additional information is as follows: Gloves Mittens Total Final Sales Price $9,630 $21,930 $ 8,238 $ 8,200 $12,300 Joint Costs Prior to Split-Off Point Costs Beyond Split-Off Point $ 4,100 $4,100 What are the joint costs allocated to Gloves and Mittens assuming Great Falls uses the estimated net realizable value approach? Gloves Mittens $4,119 $4,480 $4,920 $4,119 $3,758 $3,318 $3,158

Freat Falls Company makes two products, Wool Gloves and Wool Mittens. They are initially processed from the same raw material and then, fter split-off, further processed separately. Additional information is as follows: Gloves Mittens Total Final Sales Price $9,630 $21,930 $ 8,238 $ 8,200 $12,300 Joint Costs Prior to Split-Off Point Costs Beyond Split-Off Point $ 4,100 $4,100 What are the joint costs allocated to Gloves and Mittens assuming Great Falls uses the estimated net realizable value approach? Gloves Mittens $4,119 $4,480 $4,920 $4,119 $3,758 $3,318 $3,158

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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A company manufactures three products, L-Ten, Triol, and Pioze, from a joint process. Each production run costs $13,000. None of the products can be sold at split-off, but must be processed further. Information on one batch of the three products is as follows: Product Gallons L-Ten Triol Pioze 3,400 4,000 2,400 Total Revenue Total Costs Further Processing Cost per Gallon $0.50 Total Gross Profit 1.00 1.50 Eventual Market Price per Gallon $2.00 Required: 1. Calculate the total revenue, total costs, and total gross profit the company will earn on the sale of L-Ten, Triol, and Pioze. 5.00 6.00 2. Allocate the joint cost to L-Ten, Triol, and Pioze using the constant gross margin percentage method. Round the gross margin percentage to four decimal places and round all other computations to the nearest dollar.
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