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Keiffer Production manufactures three joint products in a single process. The following information is available for August 2013: Sales value at Product Gallons split off per Gallon JP-4539 4,500 $14 JP-4587 18,000 8 JP-4591 13,500 18 Final Cost after split off selling price $4 $24 5 15 2 22 Allocate the joint cost of $558,000 to the production based on the: a. number of gallons. b. sales value at split-off. c. approximated net realizable values at split-off.

Keiffer Production manufactures three joint products in a single process. The following information is available for August 2013: Sales value at Product Gallons split off per Gallon JP-4539 4,500 $14 JP-4587 18,000 8 JP-4591 13,500 18 Final Cost after split off selling price $4 $24 5 15 2 22 Allocate the joint cost of $558,000 to the production based on the: a. number of gallons. b. sales value at split-off. c. approximated net realizable values at split-off.

FINANCIAL ACCOUNTING
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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Keiffer Production manufactures three joint products in a single process. The following information is available for August 2013: Sales value at Product Gallons split off per Gallon JP-4539 4,500 $14 JP-4587 18,000 8 JP-4591 13,500 18 Final Cost after split off selling price $4 $24 5 15 2 22 Allocate the joint cost of $558,000 to the production based on the: a. number of gallons. b. sales value at split-off. c. approximated net realizable values at split-off.
Transcribed Image Text:Keiffer Production manufactures three joint products in a single process. The following information is available for August 2013: Sales value at Product Gallons split off per Gallon JP-4539 4,500 $14 JP-4587 18,000 8 JP-4591 13,500 18 Final Cost after split off selling price $4 $24 5 15 2 22 Allocate the joint cost of $558,000 to the production based on the: a. number of gallons. b. sales value at split-off. c. approximated net realizable values at split-off.
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