PR 6-10 (Static) (LO 6.4, 6.5) Tactile Incorporated uses a joint production process to... Tactile Incorporated uses a joint production process to produce two bonding agents, Holdtight and Tilelock, used in the masonry industry. Joint costs are $30,000 per batch. The joint production process produces 40,000 pounds of Holdtight, which can be sold for $1.50 per pound, and 60,000 pounds of Tilelock, which can be sold for $2.00 per pound. Holdtight can be processed further to produce 30,000 pounds of Holdtight Plus at a cost of $20,000. Holdtight Plus sells for $2.50 per pound. Tilelock can be processed further to produce 50,000 pounds of Tilelock Plus at a cost of $40,000. Tilelock Plus sells for $4.00 per pound. Tactile uses the physical units method to allocate joint costs. Required: Question a1. What proportion of joint costs should be allocated to Holdtight? a2. What proportion of joint costs should be allocated to Tilelock? b1. What is the joint cost that should be allocated to Holdtight using the physical units method? b2. What is the joint cost that should be allocated to Tilelock using the physical units method? Answer 40% 60%

PR 6-10 (Static) (LO 6.4, 6.5) Tactile Incorporated uses a joint production process to... Tactile Incorporated uses a joint production process to produce two bonding agents, Holdtight and Tilelock, used in the masonry industry. Joint costs are $30,000 per batch. The joint production process produces 40,000 pounds of Holdtight, which can be sold for $1.50 per pound, and 60,000 pounds of Tilelock, which can be sold for $2.00 per pound. Holdtight can be processed further to produce 30,000 pounds of Holdtight Plus at a cost of $20,000. Holdtight Plus sells for $2.50 per pound. Tilelock can be processed further to produce 50,000 pounds of Tilelock Plus at a cost of $40,000. Tilelock Plus sells for $4.00 per pound. Tactile uses the physical units method to allocate joint costs. Required: Question a1. What proportion of joint costs should be allocated to Holdtight? a2. What proportion of joint costs should be allocated to Tilelock? b1. What is the joint cost that should be allocated to Holdtight using the physical units method? b2. What is the joint cost that should be allocated to Tilelock using the physical units method? Answer 40% 60%

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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