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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: $592,600 441,400 198,500 The loint corte total $080.000 T K-2 K-4 K-5

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: $592,600 441,400 198,500 The loint corte total $080.000 T K-2 K-4 K-5

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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Problem 11-76 (Algo) Effect of By-Product versus Joint Cost Accounting (LO 11-3, 5) 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 $ 592,600 441,400 198,500 The joint costs total $980,000. 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.
Transcribed Image Text:Problem 11-76 (Algo) Effect of By-Product versus Joint Cost Accounting (LO 11-3, 5) 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 $ 592,600 441,400 198,500 The joint costs total $980,000. 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. Reg A1 Req A2 What are the allocated joint costs for the three outputs, if K-5 is accounted for as a joint product? Note: Do not round your intermediate calculations. Round your final answer to the nearest whole dollars. K-2 K-4 K-5 Accounted for as a Joint Product < Reg A1 Req A2 >
Transcribed Image 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. Reg A1 Req A2 What are the allocated joint costs for the three outputs, if K-5 is accounted for as a joint product? Note: Do not round your intermediate calculations. Round your final answer to the nearest whole dollars. K-2 K-4 K-5 Accounted for as a Joint Product < Reg A1 Req A2 >
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