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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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Fortune Products manufactures three joint products, JKA, JKB, and JKC and a by product JJD, all in a single process. Results for the month of July were as follows: Materials used $10,000 kgs. P 24,000 28,000 Conversion cost No. of Kilos Sales Value/Kilo P 11.00 10.00 26.00 2,000 1.00 Revenue from by-product is credited to the sales account. apportioned on a relative sales value approach. 11. What was the cost per kilogram of JKA. for the month? a, P 5.72 bP 5.50 CP 5.61 d. P 5.20 4,000 3,000 1,000 Product JKA JKB JKC JJD Process costs are
Transcribed Image Text:Fortune Products manufactures three joint products, JKA, JKB, and JKC and a by product JJD, all in a single process. Results for the month of July were as follows: Materials used $10,000 kgs. P 24,000 28,000 Conversion cost No. of Kilos Sales Value/Kilo P 11.00 10.00 26.00 2,000 1.00 Revenue from by-product is credited to the sales account. apportioned on a relative sales value approach. 11. What was the cost per kilogram of JKA. for the month? a, P 5.72 bP 5.50 CP 5.61 d. P 5.20 4,000 3,000 1,000 Product JKA JKB JKC JJD Process costs are
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