Lk0015. If Lisa sells all of the honeycomb and 100 pounds of the honey that she harvested, how much gross margin will she recognizeunder (1) the sales value at split-off method and (2) the physical quantities method?(1) The sales value at split-off method (Round answers to 2 decimal places, e.g. 15.25. Enter negative amounts using either a negativesign preceding the number e.g. -45.25 or parentheses e.g. (45.25).)Gross margin $Gross marginHoney$-577.78Honey(2) The physical quantities method (Round answers to O decimal places, e.g. 5,125. Enter negative amounts using either a negative signpreceding the number e.g. -45 or parentheses e.g. (45).)$-300Honeycomb$72.28Honeycomb-350 Lisa decided to try her hand at beekeeping. The costs that went into the harvesting process included the cost of the beehives, theoriginal bee colony, and her own time and equipment. This past year, she harvested 150 pounds of honey and 50 pounds of honeycombfor a total cost of $2,000. She has several outlets for selling her organic honey. The average sales price at these outlets is $4 per 8 oz.jar. The honeycomb can be sold as well, for $3 per pound.

Joint Cost - This is the cost incurred for number of products produced during a single process.These…

Lisa decided to try her hand at beekeeping. The costs that went into the harvesting process included the cost of the beehives, the original bee colony, and her own time and equipment. This past year, she harvested 150 pounds of honey and 50 pounds of honeycomb for a total cost of $2,000. She has several outlets for selling her organic honey. The average sales price at these outlets is $4 per 8 oz. jar. The honeycomb can be sold as well, for $3 per pound.

Lisa decided to try her hand at beekeeping. The costs that went into the harvesting process included the cost of the beehives, the original bee colony, and her own time and equipment. This past year, she harvested 150 pounds of honey and 50 pounds of honeycomb for a total cost of $2,000. She has several outlets for selling her organic honey. The average sales price at these outlets is $4 per 8 oz. jar. The honeycomb can be sold as well, for $3 per pound.

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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