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Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: PRODUCTS Y 20,000 ? ТОTAL 50,000 P 262,000 P 460,000 Z 10,000 Units produced Joint costs Sales value at split-off 20,000 ? P300,000 P150,000 P 10,000 Joint costs were allocated using the sales value at split-off method.

Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: PRODUCTS Y 20,000 ? ТОTAL 50,000 P 262,000 P 460,000 Z 10,000 Units produced Joint costs Sales value at split-off 20,000 ? P300,000 P150,000 P 10,000 Joint costs were allocated using the sales value at split-off method.

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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Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: PRODUCTS Y 20,000 Units produced Joint costs Sales value at split-off X 20,000 ? ТОTAL 50,000 P 262,000 Р 460,000 10,000 ? P300,000 P150,000 P 10,000 Joint costs were allocated using the sales value at split-off method. 2. The joint costs allocated to product X were: P 75,000 Р 100,000 Р 150,000 d. P 168,000 a. X 300K b. 150K С. 10k 460K Q42 000
Transcribed Image Text:Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is as follows: PRODUCTS Y 20,000 Units produced Joint costs Sales value at split-off X 20,000 ? ТОTAL 50,000 P 262,000 Р 460,000 10,000 ? P300,000 P150,000 P 10,000 Joint costs were allocated using the sales value at split-off method. 2. The joint costs allocated to product X were: P 75,000 Р 100,000 Р 150,000 d. P 168,000 a. X 300K b. 150K С. 10k 460K Q42 000
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