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Question 1: If Product Z is inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product X is Question 2: If Product Z is NOT inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product Y is

Question 1: If Product Z is inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product X is Question 2: If Product Z is NOT inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product Y is

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 1: If Product Z is inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product X is Question 2: If Product Z is NOT inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product Y is
Transcribed Image Text:Question 1: If Product Z is inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product X is Question 2: If Product Z is NOT inventoried and Blue Company uses the net realizable value method, the joint cost allocated to Product Y is
Blue Company produces three food products through a refining process that costs $165,000. There are two joint products: X and Y. Product X has a final selling price of $12 per pound after additional processing costs of $3 per pound are incurred after the split-off point. Product Y has a final selling price of $20 per pound after additional processing costs of $4 per pound are incurred after the split-off point. Product Z is a by-product and can be sold at the split-off point for $3 per pound. The joint production process yields: Product X = 15,000 lbs Product Y= 9,000 lbs Product Z= 800 lbs
Transcribed Image Text:Blue Company produces three food products through a refining process that costs $165,000. There are two joint products: X and Y. Product X has a final selling price of $12 per pound after additional processing costs of $3 per pound are incurred after the split-off point. Product Y has a final selling price of $20 per pound after additional processing costs of $4 per pound are incurred after the split-off point. Product Z is a by-product and can be sold at the split-off point for $3 per pound. The joint production process yields: Product X = 15,000 lbs Product Y= 9,000 lbs Product Z= 800 lbs
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