Keiffer Production manufactures three joint products in a single process. The following information is available for August: Sales Value at Split-Off Cost after Final Selling Product Gallons per Gallon Split-Off Price JP-4539 11,700 $14.00 $4.00 $24.00 JP-4587 46,800 25.00 5.00 35.00 JP-4591 35,100 18.00 2.00 22.00 Allocate the joint cost of $1,450,800 to the production based on the following: a. number of gallons. Note: Round proportions to the nearest tenth of a percentage (i.e. round 13.45% to 13.5%) and dollar amounts to the nearest whole dollar. JP-4539 $ JP-4587 JP-4591 Total b. sales value at split-off. Note: Round proportions to the nearest whole percentage (i.e. round 13.45% to 13%) and dollar amounts to the nearest whole dollar. JP-4539 $ JP-4587 JP-4591 Total 24 c. approximated net realizable values at split-off. Note: Round proportions to the nearest whole percentage (i.e. round 13.45% to 13%) and dollar amounts to the nearest whole dollar. JP-4539 $ JP-4587 JP-4591 Total 24

Q: need help with these 2 cost accounting questions

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A: Hey there,  since you have posted multiple questions, we can answer only first three question for…

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A:

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Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.  

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.