Homework Help is Here – Start Your Trial Now!
Business
Accounting
MULTIPLE CHOICE Lee Co. produces two joint products, Bex and Rom. Joint production costs for June, 2016 were P 30,000. During June, 2008, further processing costs beyond the split off point needed to convert the products into salable form, were P 25,000 and P 35.000 for 1,600 units of Bex and 800 units of Rom, respectively. Bex sells for P 50 per unit, and Rom sells for P 100 per unit. Lee uses the net realizable value method for allocating joint product costs. 1. For June, 2016, the joint costs allocated to product Bex were 9. P 20,000: b. P 16,500 C P 13,500 d. P 10,000 MON

MULTIPLE CHOICE Lee Co. produces two joint products, Bex and Rom. Joint production costs for June, 2016 were P 30,000. During June, 2008, further processing costs beyond the split off point needed to convert the products into salable form, were P 25,000 and P 35.000 for 1,600 units of Bex and 800 units of Rom, respectively. Bex sells for P 50 per unit, and Rom sells for P 100 per unit. Lee uses the net realizable value method for allocating joint product costs. 1. For June, 2016, the joint costs allocated to product Bex were 9. P 20,000: b. P 16,500 C P 13,500 d. P 10,000 MON

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
PLEASE ANSWER ASAP. I REALLY NEEED HELP
Chapter 11 Joint Products and By-Products MULTIPLE CHOICE Lee Co. produces two joint products, Bex and Rom. Joint production costs for June, 2016 were P 30,000. During June, 2008, further processing costs beyond the split off point needed to convert the products into salable form, were P 25,000 and P 35.000 for 1.600 units of Bex and 800 units of Rom, respectively. Bex sells for P 50 per unit, and Rom sells for P 100 per unit. Lee uses the net realizable value method for allocating joint product costs. 1. For June, 2016, the joint costs allocated to product Bex were P 20,000 9. b. P 16,500 C P 13,500 d. P 10,000 Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is aş follows: Units produced Joint costs Sales value at split-off X 20,000 PRODUCTS Y 20,000 ?. P150,000 ? P300,000 Joint costs were allocated using the sales value costs wer 2. The joint costs allocated to product X were: P. 75,000 9. P 100,000 b. C. P 150,000 d. P 168,000 UNITS PRODUCT PRODUCED K 1,000 W 1,500 Z 500 Z 10,000 ? P 10,000 -off method. TOTAL 50,000 P 262,000 P 460,000 Lane Co. produces main products K and W. The process also yields by-product Z. Net realizable value of by-product Z is subtracted from joint production cost of K and W. The following information pertains to production in July, 2008 at a joint cost of P 54,000. IF PROCESSED FURTHER MARKET VALUE 40,000 PL 35.000 7,000 COST AFTER SPLIT-OFF P 0 0 3,000
Transcribed Image Text:Chapter 11 Joint Products and By-Products MULTIPLE CHOICE Lee Co. produces two joint products, Bex and Rom. Joint production costs for June, 2016 were P 30,000. During June, 2008, further processing costs beyond the split off point needed to convert the products into salable form, were P 25,000 and P 35.000 for 1.600 units of Bex and 800 units of Rom, respectively. Bex sells for P 50 per unit, and Rom sells for P 100 per unit. Lee uses the net realizable value method for allocating joint product costs. 1. For June, 2016, the joint costs allocated to product Bex were P 20,000 9. b. P 16,500 C P 13,500 d. P 10,000 Life Co. manufactures products X and Y from a joint process that also yields a by- product, Z. Revenue from sales of Z is treated as a reduction of joint costs. Additional information is aş follows: Units produced Joint costs Sales value at split-off X 20,000 PRODUCTS Y 20,000 ?. P150,000 ? P300,000 Joint costs were allocated using the sales value costs wer 2. The joint costs allocated to product X were: P. 75,000 9. P 100,000 b. C. P 150,000 d. P 168,000 UNITS PRODUCT PRODUCED K 1,000 W 1,500 Z 500 Z 10,000 ? P 10,000 -off method. TOTAL 50,000 P 262,000 P 460,000 Lane Co. produces main products K and W. The process also yields by-product Z. Net realizable value of by-product Z is subtracted from joint production cost of K and W. The following information pertains to production in July, 2008 at a joint cost of P 54,000. IF PROCESSED FURTHER MARKET VALUE 40,000 PL 35.000 7,000 COST AFTER SPLIT-OFF P 0 0 3,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Decision to Sell before or after additional processing
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS