Answered: P45,000 P30,000 P67,500 P22,500 | bartleby

Quickbooks Online Accounting

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

See similar textbooks

Related questions

Question

Accounting for Joint Products and By-Products
613
52. What is the sales value of Product D at split off point?
P45,000
b.
a.
P30,000
P67,500
d. P22,500
c.
53. What is the cost of Product E sold for the vear ended July 31, 2018?
P147,000
b.
а.
P 99,000
P144,000
d. P135,000
с.
54. What is the cost of the inventory of Product D on July 31, 2018?
P27,000
b.
а.
P18,000
P22,500
d.
с.
P54,000
55. What is the cost of the inventory of Product F on July 31, 2018?
P33,500
P65,250
P42,750
P90,000
a.
b.
с.
d.
Question 56 and 57 are based on the following data:
JGG Company produces three products: Product A, B and C from the
same materials. Joint costs for this production run are P32,500. Data for
the three products are:
Sales price
per kilo at
split-off point
Disposal cost
per kilo at
split-off point
Product
Kilos
800
P6.50
P3.00
A
8.25
1,100
1,500
4.20
4.00
8.00

d. P65,000
and Resi-Dew?
Resi-Dew
PO
Rain Dew
P24,000
b. P23,200
P24,000
d. P23,200
P1,200
P1,200
а.
c.
PO
Use the following data for Numbers 52-55:
JMG Company buys Article X for P.80 per unit. At the end of processing
in Department 1 Article X split into Products D, E, and F. Product D is
sold at split-off point with no further processing. E and F require further
processing before they can be sold. E is processed in Department 2; and F
is
sed in Department 3. the following is a summary of costs and
other data for the fiscal year ended July 31, 2018:
Department 1 Department 2
Department 3
Cost of Article X:
Direct materials
Direct labor
Factory overhead
P144,000
21,000
15,000
P67,500
31,500
P97,500
73,500
Product D
Product E
Product F
Units sold
Units on hand, July 31, 2018
Sales
30,000
15,000
P45,000
JMG uses the estimated net realizable method of allocating joint costs.
45,000
67,500
22,500
P212,625
P144,000

Expert Solution

Step by step

Solved in 4 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Similar questions

PLS SHOW SOLUTION
sd subject-Accounting
Riverbed's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows. 2 W S X Restorers' wages and fringe benefits Purchasing agent's salary and fringe benefits Administrative salaries and fringe benefits Other overhead costs Total budgeted costs (a) Your Answer Correct Answer # 3 E The company anticipated that the restorers would work a total of 12,720 hours this year. Expected parts and materials were $1,335,600. D In late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountant remembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%. Your answer is correct. C 80 $ 4 R F V % 5 T G A Time Charges $292,560 6 63,600 25,440 $381,600 B Y H & 7 ← Material Loading Charges $71,550 U N 21,942 66,780 $160,272 * 00 8 J M ▶ 9 K O L P
A-7
1/1 gageNOWv2 | Online teachirs X m/ilrn/takeAssignment/takeAssignmentMa.uo?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Using the weighted-average method, compute the equivalent units of production for a new company that started 84,000 units into production and transferred 64,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 10,000 units. Equivalent Units of Materials Equivalent Units of Conversion
Please answer question 18 and 19 po. Show solution. This is the complete details po
of 15 I 49:46 k ces Required information The Foundational 15 (Algo) [LO5-1, LO5-2, LO5-3, LO5-4, LO5-5, LO5-6, LO5-7] [The following information applies to the questions displayed below.] Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 15,000 9,000 6,000 3,120 $ 2,880 Foundational 5-10 (Algo) 10. How many units must be sold to achieve a target profit of $3,600? Note: Round intermediate calculations to 2 decimal places. Number of units
1/1 CengageNOWv2 | Online teachirn X now.com/ilrn/takeAssignment/takeAssignmentMaruo?invoker=&itakeAssignmentSessionLocator=&inprogress3Dfalse eBook Prepare the journal entry to record the transfer of 2,500 units from the packaging department to finished goods if the material cost per unit is $2 and the conversion cost per unit is $5.60. If an amount box does not require an entry, leave it blank. 88
5 Cc Ce X Cla v2.cengagenow.com O search Ce Print Item Date Hc Nov. Fa Item So Mohamed In 1 Bal., 8,400 units, 80% completed 30 Direct materials, 76,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, ? units 30 Bal., 6,700 units, 70% completed bry My ofirvaker Winke/vekurs med extent Win Debit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $110,040 of direct m ACCOUNT Work in Process-Forging Department 972,800 95,340 131,670 W Ap Check My Work 0 more Check My Work uses remaining. Credit < a. Determine the number of units transferred to the next department. 77,700 ✓ units 1.21 ? c. Determine the cost of units started and completed in November. 72,426.90 X go 12.80 V C Debit du Ac Ac AC ACCOUNT NO. Balance 129,528 1,102,328 1,197,668 1,329,338 2 a ? b. Determine the…
ه
palse step by step answeer
C) what's is the cost per equivalent unit for materials ? ( round your answer to 2 decimal places.) D) what is the cost equivalent unit for conversion? (Round your answer to 2 decimal places.) E) what is the cost of units transferred out? (Round your cost per equivalent unit to 2 decimal places.)

SEE MORE QUESTIONS

Recommended textbooks for you

Quickbooks Online Accounting

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Principles of Accounting Volume 2

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

Principles of Accounting Volume 2

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS