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Q2. Vreeland Incorporation manufactures three products X, Y and Z, from a joint process. The joint cost total $60,000. Additional information is as follows: Products Additional Cost and Market Value if process Further Additional Cost Units Market Value Produced at split off 6,000 $6.66 4,000 8.75 2,000 12.50 5,000 Required: Allocation of the production cost and Total Cost using Market Value Method. X Y Z $ 9,000 7,000 Ultimate Market Value $ 55,000 45,000 30,000

Q2. Vreeland Incorporation manufactures three products X, Y and Z, from a joint process. The joint cost total $60,000. Additional information is as follows: Products Additional Cost and Market Value if process Further Additional Cost Units Market Value Produced at split off 6,000 $6.66 4,000 8.75 2,000 12.50 5,000 Required: Allocation of the production cost and Total Cost using Market Value Method. X Y Z $ 9,000 7,000 Ultimate Market Value $ 55,000 45,000 30,000

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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MARKET VALUE METHOD A - ALLOCATE THE JOINT COST USING THE NET REALIZABLE VALUE METHOD B - ALLOCATE THE JOINT COST USING SALES VALUE SPLIT OFF METHOD
Transcribed Image Text:MARKET VALUE METHOD A - ALLOCATE THE JOINT COST USING THE NET REALIZABLE VALUE METHOD B - ALLOCATE THE JOINT COST USING SALES VALUE SPLIT OFF METHOD
Q2. Vreeland Incorporation manufactures three products X, Y and Z, from a joint process. The joint cost total $60,000. Additional information is as follows: Products Units Produced 6,000 4,000 2,000 12.50 5,000 Required: Allocation of the production cost and Total Cost using Market Value Method. XXN Y Z Additional Cost and Market Value process Further if Additional Cost Market Value at split off $6.66 8.75 $ 9,000 7,000 Ultimate Market Value $ 55,000 45,000 30,000
Transcribed Image Text:Q2. Vreeland Incorporation manufactures three products X, Y and Z, from a joint process. The joint cost total $60,000. Additional information is as follows: Products Units Produced 6,000 4,000 2,000 12.50 5,000 Required: Allocation of the production cost and Total Cost using Market Value Method. XXN Y Z Additional Cost and Market Value process Further if Additional Cost Market Value at split off $6.66 8.75 $ 9,000 7,000 Ultimate Market Value $ 55,000 45,000 30,000
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