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Joint Cost Allocation-Weighted Average Method Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like walnut wood and another with a casing made with a polymer that looks like red oak. The casings are made through a joint production molding process that produces 368 red oak casings and 184 walnut casings at the split-off point. The polymer for the red oak casings requires twice as much cooling time as the polymer for the walnut casings, although all casings are removed from the joint molding process at the same time (i.e., once the cooling for the red oak casings is complete). The joint production process costs a total of $6,500. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of casing using the weighted average method. Joint Product Red oak casing Walnut casing Totals Feedback Allocation 3,850 X 1,650 X 5,500 X ✓ Check My Work The weighted average method also uses a physical measure of the products at the split-off point, but then multiplies these measures by weight factors for each product. These weighted average units are then used to allocate the joint costs to the products.

Joint Cost Allocation-Weighted Average Method Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like walnut wood and another with a casing made with a polymer that looks like red oak. The casings are made through a joint production molding process that produces 368 red oak casings and 184 walnut casings at the split-off point. The polymer for the red oak casings requires twice as much cooling time as the polymer for the walnut casings, although all casings are removed from the joint molding process at the same time (i.e., once the cooling for the red oak casings is complete). The joint production process costs a total of $6,500. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of casing using the weighted average method. Joint Product Red oak casing Walnut casing Totals Feedback Allocation 3,850 X 1,650 X 5,500 X ✓ Check My Work The weighted average method also uses a physical measure of the products at the split-off point, but then multiplies these measures by weight factors for each product. These weighted average units are then used to allocate the joint costs to the products.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Joint Cost Allocation-Weighted Average Method Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like walnut wood and another with a casing made with a polymer that looks like red oak. The casings are made through a joint production molding process that produces 368 red oak casings and 184 walnut casings at the split-off point. The polymer for the red oak casings requires twice as much cooling time as the polymer for the walnut casings, although all casings are removed from the joint molding process at the same time (i.e., once the cooling for the red oak casings is complete). The joint production process costs a total of $6,500. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of casing using the weighted average method. Joint Product Allocation Red oak casing Walnut casing Totals Feedback $ 3,850 X 1,650 X 5,500 X ✓ Check My Work The weighted average method also uses a physical measure of the products at the split-off point, but then multiplies these measures by weight factors for each product. These weighted average units are then used to allocate the joint costs to the products.
Transcribed Image Text:Joint Cost Allocation-Weighted Average Method Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like walnut wood and another with a casing made with a polymer that looks like red oak. The casings are made through a joint production molding process that produces 368 red oak casings and 184 walnut casings at the split-off point. The polymer for the red oak casings requires twice as much cooling time as the polymer for the walnut casings, although all casings are removed from the joint molding process at the same time (i.e., once the cooling for the red oak casings is complete). The joint production process costs a total of $6,500. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of casing using the weighted average method. Joint Product Allocation Red oak casing Walnut casing Totals Feedback $ 3,850 X 1,650 X 5,500 X ✓ Check My Work The weighted average method also uses a physical measure of the products at the split-off point, but then multiplies these measures by weight factors for each product. These weighted average units are then used to allocate the joint costs to the products.
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