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Longwood Corporation processes a liquid into three outputs: K-2, K-4, and K-5. The sales value of each of these products for a single batch follows: K-2 K-4 K-5 $ 584,600 433,400 194,500 The joint costs total $900,000. There are no separable production costs. If K-5 is accounted for as a by-product, its sales are credited to the joint manufacturing costs using method 1 described in the text. Required: a-1. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a joint product? a-2. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollars. Allocated for as a By- K-2 K-4 K-5 Product < Req A1 Req A2 >

Longwood Corporation processes a liquid into three outputs: K-2, K-4, and K-5. The sales value of each of these products for a single batch follows: K-2 K-4 K-5 $ 584,600 433,400 194,500 The joint costs total $900,000. There are no separable production costs. If K-5 is accounted for as a by-product, its sales are credited to the joint manufacturing costs using method 1 described in the text. Required: a-1. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a joint product? a-2. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollars. Allocated for as a By- K-2 K-4 K-5 Product < Req A1 Req A2 >

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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Longwood Corporation processes a liquid into three outputs: K-2, K-4, and K-5. The sales value of each of these products for a single batch follows: K-2 K-4 K-5 $ 584,600 433,400 194,500 The joint costs total $900,000. There are no separable production costs. If K-5 is accounted for as a by-product, its sales are credited to the joint manufacturing costs using method 1 described in the text. Required: a-1. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a joint product? a-2. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollars. Allocated for as a By- K-2 K-4 K-5 Product < Req A1 Req A2 >
Transcribed Image Text:Longwood Corporation processes a liquid into three outputs: K-2, K-4, and K-5. The sales value of each of these products for a single batch follows: K-2 K-4 K-5 $ 584,600 433,400 194,500 The joint costs total $900,000. There are no separable production costs. If K-5 is accounted for as a by-product, its sales are credited to the joint manufacturing costs using method 1 described in the text. Required: a-1. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a joint product? a-2. What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Complete this question by entering your answers in the tabs below. Req A1 Req A2 What are the allocated joint costs for the three outputs, if K-5 is accounted for as a by-product? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollars. Allocated for as a By- K-2 K-4 K-5 Product < Req A1 Req A2 >
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