Lydia Mila is engaged in the sale of chicken in various forms. The following are Lydia Mila's sales: Live chickens P 8,510,000 Fighting cocks 300,000 Fresh chicken meat 210,000 Cut chicken meat 7,700,000 Boiled chicken meat 2,220,000 Roasted chicken meat 510,000 Smoked chicken meat 5,310,000 Salted chicken meat 4,640,000 Chicken nuggets 2,130,000 Chicken cubes 4,970,000 Chicken hotdog 4,500,000 How much is the VAT exempt? 29,400,000 29,100,000 16,350,000 8,720,000

Lydia Mila is engaged in the sale of chicken in various forms. The following are Lydia Mila's sales: Live chickens P 8,510,000 Fighting cocks 300,000 Fresh chicken meat 210,000 Cut chicken meat 7,700,000 Boiled chicken meat 2,220,000 Roasted chicken meat 510,000 Smoked chicken meat 5,310,000 Salted chicken meat 4,640,000 Chicken nuggets 2,130,000 Chicken cubes 4,970,000 Chicken hotdog 4,500,000 How much is the VAT exempt? 29,400,000 29,100,000 16,350,000 8,720,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 9EB: Berettis Food Mart has 6,000 pounds of raw pork nearing its expiration date. Each pound has a cost...

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Martin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 12,000 pounds of raw chicken that costs $7,000, the company produces two parts: 2,800 pounds of drumsticks and 4,200 pounds of breast for a processing cost of $2,450. The chicken breast is further processed into 3,200 pounds of steak for a processing cost of $2,000. The market price of drumsticks per pound is $1.25 and the market price per pound of chicken steak is $4.20. If Martin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.20. Required: a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. (Round "Allocation Rate" to 2 decimal places and other answers to the nearest dollar amount.) Allocation Rate Weight of Base Allocated Cost Product Drumsticks Chicken breast…
Martin Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 12,000 pounds of raw chicken that costs $7,000, the company produces two parts: 2,800 pounds of drumsticks and 4,200 pounds of breast for a processing cost of $2,450. The chicken breast is further processed into 3,200 pounds of steak for a processing cost of $2,000. The market price of drumsticks per pound is $1.25 and the market price per pound of chicken steak is $4.20. If Martin decided to sell chicken breast instead of chicken steak, the price per pound would be $2.20. Required: a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. (Round "Allocation Rate" to 2 decimal places and other answers to the nearest dollar amount.) Product Allocation Rate x Weight of Base Allocated Cost Drumsticks х Chicken…
Gibson Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $8,200, the company produces two parts: 2,000 pounds of drumsticks and 5,000 pounds of breast for a processing cost of $3,887. The chicken breast is further processed into 4,200 pounds of steak for a processing cost of $2,200. The market price of drumsticks per pound is $1.65 and the market price per pound of chicken steak is $4.20. If Gibson decided to sell chicken breast instead of chicken steak, the price per pound would be $2.40. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the…
Please show excel solver Farm Foods Company, produces two types of pork loins . Each type of loin consists of white meat and dark meat. Loin 1 sells for $4 per pound and must consist of at least 70% white meat. Loin 2 sells for $3 per pound and must consist of at least 60% white meat. At most 6000 pounds of Loin 1 and 2000 pounds of Loin 2 can be sold. The two types of pork used to manufacture the loins are purchased from a pork farm. Each type 1 pig costs $10 and yields 5 pounds of white meat and 2 pounds of dark meat. Each type 2 pig costs $8 and yields 3 pounds of white meat and 3 pounds of dark meat. Determine the profit maximizing strategy for Farm Foods. [That is, what is the optimal number pigs to purchase and how many of each type of loins should be sold. Assume that fractional pigs can be purchased – that is, do not model any integer variables] Using Sensitivity Analysis, determine the increase in profitability if the demand for loin 1 increases by 500 additional…
The price per pound of the farm-level commodity for boneless, skinless chicken breasts are $4.42 per pound. The dollar per pound of a grocery store boneless, skinless chicken breasts is $12.17 per pound. The dollar value of Chick-fil-a's version of the original farm-level commodity of the Original Chicken Sandwich is at $4.49 per sandwich. 1. Estimate the cost and weight of the meal and divide the cost of the meal by the share of the commodity in the meal. We are just assigning values and weights. (If my calculations are right, the sandwich itself weighed about 5 ounces: 5/16 = 0.3125 lbs. 0.3125 * 4.49 = $1.40/lb. -is that correct?) 2. Divide the $/lb farm-level value by the grocery store $/lb value. 3. Divide the $/lb farm-level value by the restaurant $/lb value
Finch Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 15,000 pounds of raw chicken that costs $7,900, the company produces two parts: 3,000 pounds of drumsticks and 6,000 pounds of breast for a processing cost of $6,491. The chicken breast is further processed into 5,200 pounds of steak for a processing cost of $2,000. The market price of drumsticks per pound is $1.55 and the market price per pound of chicken steak is $4.00. If Finch decided to sell chicken breast Instead of chicken steak, the price per pound would be $2.30. Required a-1. Allocate the joint cost to the Joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the Joint…
Rundle Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 16,000 pounds of raw chicken that costs $8,800, the company produces two parts: 4,000 pounds of drumsticks and 5,400 pounds of breast for a processing cost of $7,805. The chicken breast is further processed into 4,600 pounds of steak for a processing cost of $2,600. The market price of drumsticks per pound is $1.75 and the market price per pound of chicken steak is $4.60. If Rundle decided to sell chicken breast instead of chicken steak, the price per pound would be $2.50.
Benson Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 14,000 pounds of raw chicken that costs $7,450, the company produces two parts: 2,500 pounds of drumsticks and 4,500 pounds of breast for a processing cost of $2,466. The chicken breast is further processed into 3,700 pounds of steak for a processing cost of $1,700. The market price of drumsticks per pound is $1.40 and the market price per pound of chicken steak is $3.70. If Benson decided to sell chicken breast instead of chicken steak, the price per pound would be $2.20. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the…
Benson Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 14,000 pounds of raw chicken that costs $7,450, the company produces two parts: 2,500 pounds of drumsticks and 4,500 pounds of breast for a processing cost of $2,466. The chicken breast is further processed into 3,700 pounds of steak for a processing cost of $1,700. The market price of drumsticks per pound is $1.40 and the market price per pound of chicken steak is $3.70. If Benson decided to sell chicken breast instead of chicken steak, the price per pound would be $2.20. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the…
Benson Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 14,000 pounds of raw chicken that costs $7,450, the company produces two parts: 2,500 pounds of drumsticks and 4,500 pounds of breast for a processing cost of $2,466. The chicken breast is further processed into 3,700 pounds of steak for a processing cost of $1,700. The market price of drumsticks per pound is $1.40 and the market price per pound of chicken steak is $3.70. If Benson decided to sell chicken breast instead of chicken steak, the price per pound would be $2.20. Required a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross profit for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the…
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