Quiz Company produces four products from a common input. Joint costs to produce one batch total $130,000. All products can either be sold at the split-off point or processed further. Information for one batch of the joint products is as follows Product 1 Product 2 Product 3 Product 4 Gallons 1,400 2.600 2,500 3,500 Weight Factor 10 2.0 1.5 2.5 Sales Price At Split Off $15/gal 20 26 35 Additional Processing Cost $2/gal 4 5 5 Processed Sales Value $20/gal 25 30 40 Note: Round all allocation ratios to four decimal points Round all dollar amounts to the nearest dollar. Determine the amount of joint costs allocated to Product 1 using the physical units method Note: Give your answer using dollar signs and commas but no decimal points (cents)

Quiz Company produces four products from a common input. Joint costs to produce one batch total $130,000. All products can either be sold at the split-off point or processed further. Information for one batch of the joint products is as follows Product 1 Product 2 Product 3 Product 4 Gallons 1,400 2.600 2,500 3,500 Weight Factor 10 2.0 1.5 2.5 Sales Price At Split Off $15/gal 20 26 35 Additional Processing Cost $2/gal 4 5 5 Processed Sales Value $20/gal 25 30 40 Note: Round all allocation ratios to four decimal points Round all dollar amounts to the nearest dollar. Determine the amount of joint costs allocated to Product 1 using the physical units method Note: Give your answer using dollar signs and commas but no decimal points (cents)

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Description: THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 4-8Quiz Company produces four products from a common input. Joint costs to produce one batch total $130,000. All products caneither be sold at the split-off point or processed further. Information for

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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