PLEASE SHOW YOUR SOLUTIONS. ASAP THANKS. #24 The Universal Manufacturing Company produces three products by a joint producționprocess. Direct material is put into production in Department A and at the end ofprocessing in the department three products appear. Product X is sold at the split-offpoint with no further processing. Product Y and Z require further processing beforethey.are sold. Product Y is processed in Department B and Product Z is processed inDepartment C. The company uses the estimated net realizable value method ofallocating point production costs. A summary of costs and other data for the yearended is presented on the next page ProductsUnits sold10,00020,000P 15,00030,0000.40,00020,000P141,750Units on handSalesР 81,000DepartmentsB----Direct material costDirect labor costFactory overheadP 56,00024.000P40,45010,550There were no work in process inventory on hand on December 31, 2019101,00036,62510,00024. The estimated net realizable and the allocated joint costs of product Y areP 45,000 and P 18,000 respectivelyb.а.P 30,000 and P 18,000 respectivelyP 45,000 and P27,000 respectivelyd.C.P 30,000 and P 27,000 respectively

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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

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

Section: Chapter Questions

Problem 1Q

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