Harmon Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced inMay at a joint cost of $75,000 was as follows:MTotalSeparable Processing cost$10,000 $25,000 $2,000 $ 37,000Units Produced1,2002,500 4,3008,000Sales Value (after addt'1 processing)$60,000 $50,000 $7,000 $117,000The amount of joint costs allocated to product M using the net realizable value method is (calculate all ratios andpercentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar):

Name: Harmon Inc. produces joint products L, M, and N from a joint process.
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Description: Harmon Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced inMay at a joint cost of $75,000 was as follows:MTotalSeparable Processing cost$10,000 $25,000 $2,000 $ 37,000Units Produced1,2002,500 4,30

Percentage allocation for Product M = Net realizable value of Product M / Total Net realizable value…

Business

Accounting

Harmon Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $75,000 was as follows: L M N Total Separable Processing cost Units Produced $10,000 $25,000 $2,000 $ 37,000 1,200 2,500 4,300 8,000 Sales Value (after addt'l processing) $60,000 $50, 000 $7,000 $117,000 The amount of joint costs allocated to product M using the net realizable value 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):

Harmon Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $75,000 was as follows: L M N Total Separable Processing cost Units Produced $10,000 $25,000 $2,000 $ 37,000 1,200 2,500 4,300 8,000 Sales Value (after addt'l processing) $60,000 $50, 000 $7,000 $117,000 The amount of joint costs allocated to product M using the net realizable value 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):

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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