Products Units sold 10,000 20,000 P 15,000 40,000 20,000 P141,750 Units on hand 30,000 Sales P 81,000 Departments B- Direct material cost Direct labor cost Factory overhead P 56,000 24.000 P 40,450 10,550 There were no work in process inventory on hand on December 31, 2019 101,000 36,625 10,000 24. The estimated net realizable and the allocated joint costs of product Y are P 45,000 and P 18,000 respectively b. а. P 30,000 and P 18,000 respectively P 45,000 and P27,000 respectively d. P 30,000 and P27,000 respectively

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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#24

The Universal Manufacturing Company produces three products by a joint producțion
process. Direct material is put into production in Department A and at the end of
processing in the department three products appear. Product X is sold at the split-off
point with no further processing. Product Y and Z require further processing before
they.are sold. Product Y is processed in Department B and Product Z is processed in
Department C. The company uses the estimated net realizable value method of
allocating point production costs. A summary of costs and other data for the year
ended is presented on the next page
Transcribed Image Text:The Universal Manufacturing Company produces three products by a joint producțion process. Direct material is put into production in Department A and at the end of processing in the department three products appear. Product X is sold at the split-off point with no further processing. Product Y and Z require further processing before they.are sold. Product Y is processed in Department B and Product Z is processed in Department C. The company uses the estimated net realizable value method of allocating point production costs. A summary of costs and other data for the year ended is presented on the next page
Products
Units sold
10,000
20,000
P 15,000
30,000
0.
40,000
20,000
P141,750
Units on hand
Sales
Р 81,000
Departments
B----
Direct material cost
Direct labor cost
Factory overhead
P 56,000
24.000
P
40,450
10,550
There were no work in process inventory on hand on December 31, 2019
101,000
36,625
10,000
24. The estimated net realizable and the allocated joint costs of product Y are
P 45,000 and P 18,000 respectively
b.
а.
P 30,000 and P 18,000 respectively
P 45,000 and P27,000 respectively
d.
C.
P 30,000 and P 27,000 respectively
Transcribed Image Text:Products Units sold 10,000 20,000 P 15,000 30,000 0. 40,000 20,000 P141,750 Units on hand Sales Р 81,000 Departments B---- Direct material cost Direct labor cost Factory overhead P 56,000 24.000 P 40,450 10,550 There were no work in process inventory on hand on December 31, 2019 101,000 36,625 10,000 24. The estimated net realizable and the allocated joint costs of product Y are P 45,000 and P 18,000 respectively b. а. P 30,000 and P 18,000 respectively P 45,000 and P27,000 respectively d. C. P 30,000 and P 27,000 respectively
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