Monroe Materials processes a purchased material, PM-20, and produces three outputs, Alpha, Beta, and Gamma. In February, the costs to process PM-20 are $524,000 for materials and $196,000 for conversion costs. The results of the processing follow:| | Units Produced | Sales Value per Unit ||----------|----------------|----------------------|| Alpha | 24,000 | $9.60 || Beta | 19,200 | 18.00 || Gamma | 4,800 | 80.00 |**Required:**Assign costs to Alpha, Beta, and Gamma for February using the net realizable value method.| Product | Cost Assigned ||---------|---------------|| Alpha | || Beta | || Gamma | || Total | |

JOINT PRODUCTJoint products are the result of utilization of the same raw material and same…

Monroe Materials processes a purchased material, PM-20, and produces three outputs, Alpha, Beta, and Gamma. In February, the costs to process PM-20 are $524,000 for materials and $196,000 for conversion costs. The results of the processing follow: Alpha Beta Gamma Product Required: Assign costs to Alpha, Beta, and Gamma for February using the net realizable value method. Alpha Beta Units Produced 24,000 19, 200 4,800 Gamma Total Sales Value per Unit $9.60 18.00 80.00 Cost Assigned

Monroe Materials processes a purchased material, PM-20, and produces three outputs, Alpha, Beta, and Gamma. In February, the costs to process PM-20 are $524,000 for materials and $196,000 for conversion costs. The results of the processing follow: Alpha Beta Gamma Product Required: Assign costs to Alpha, Beta, and Gamma for February using the net realizable value method. Alpha Beta Units Produced 24,000 19, 200 4,800 Gamma Total Sales Value per Unit $9.60 18.00 80.00 Cost Assigned

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

Monroe Materials processes a purchased material, PM-20, and produces three outputs, Alpha, Beta, and Gamma. In February, the costs to process PM-20 are $524,000 for materials and $196,000 for conversion costs. The results of the processing follow:

| | Units Produced | Sales Value per Unit |
|----------|----------------|----------------------|
| Alpha | 24,000 | $9.60 |
| Beta | 19,200 | 18.00 |
| Gamma | 4,800 | 80.00 |

**Required:**

Assign costs to Alpha, Beta, and Gamma for February using the net realizable value method.

| Product | Cost Assigned |
|---------|---------------|
| Alpha | |
| Beta | |
| Gamma | |
| Total | |

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