6. Show your solution in good accounting form How much is the net income attributable to Product M,assuming that joint costs are allocated using the ApproximateNet Realizable Value x, and after being processed further,1,800 gallons of Product M was sold during the year?TVA Company produces three products from the same process and incurs joint processing costsof P150,000.Sales price pergallon at split-offP225.50300Disposal cost pergallon at split-offP 62.50Final sales priceper gallonP350.00GallonsFurtherprocessing costsP 50.002,4001,100M150.00100.00500.00500500400.00100.00750.00Disposal costs for the products if they are processed further are:M, P 150.00; N, P 275.00; Q, P 50.00.Your answer

Allocated joint cost NRV method used so formula is= sales price -further processing cost -disposal…

How much is the net income attributable to Product M, assuming that joint costs are allocated using the Approximate Net Realizable Value x, and after being processed further, 1,800 gallons of Product M was sold during the year? TVA Company produces three products from the same process and incurs joint processing costs

How much is the net income attributable to Product M, assuming that joint costs are allocated using the Approximate Net Realizable Value x, and after being processed further, 1,800 gallons of Product M was sold during the year? TVA Company produces three products from the same process and incurs joint processing costs

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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