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Problem 1. Sheryl Company incurred P100,000 to manufacture the following products in a joint process: Units Produced 1,000 2,000 3,000 4,000 Weight Per unit 4 Ibs. 3 Ibs. 2 Ibs. Product A B SP per unit P10 P20 P20 1 lb. P10 REQUIRED: 1. Allocate the joint cost using the sales value method & weighted average as the basis. 2. Determine the value of ending inventory of C assuming that 500 units are on hand at the end of a period under each two methods.

Problem 1. Sheryl Company incurred P100,000 to manufacture the following products in a joint process: Units Produced 1,000 2,000 3,000 4,000 Weight Per unit 4 Ibs. 3 Ibs. 2 Ibs. Product A B SP per unit P10 P20 P20 1 lb. P10 REQUIRED: 1. Allocate the joint cost using the sales value method & weighted average as the basis. 2. Determine the value of ending inventory of C assuming that 500 units are on hand at the end of a period under each two methods.

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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Problem 1. Sheryl Company incurred P100,000 to manufacture the following products in a joint process: Units Produced 1,000 2,000 3,000 4,000 Product A Weight Per unit 4 Ibs. SP per unit P10 3 Ibs. 2 Ibs. P20 P20 1 lb. P10 REQUIRED: 1. Allocate the joint cost using the sales value method & weighted average as the basis. 2. Determine the value of ending inventory of C assuming that 500 units are on hand at the end of a period under each two methods. (BCD
Transcribed Image Text:Problem 1. Sheryl Company incurred P100,000 to manufacture the following products in a joint process: Units Produced 1,000 2,000 3,000 4,000 Product A Weight Per unit 4 Ibs. SP per unit P10 3 Ibs. 2 Ibs. P20 P20 1 lb. P10 REQUIRED: 1. Allocate the joint cost using the sales value method & weighted average as the basis. 2. Determine the value of ending inventory of C assuming that 500 units are on hand at the end of a period under each two methods. (BCD
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