Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $135,000. There are no separable processing costs for any of the three products. Product 1 2 3 Sales Value at Split-Off $ 189,000 54,000 27,000 $ 270,000 Product 1 2 3 What percentage of joint cost is allocated to each of the three products using the physical units method? Percent of Sales Units Units at Split-Off 260 780 1,560 2,600 % %

Required information [The following information applies to the questions displayed below.] The following information relates to a joint production process for three products, with a total joint production cost of $135,000. There are no separable processing costs for any of the three products. Product 1 2 3 Sales Value at Split-Off $ 189,000 54,000 27,000 $ 270,000 Product 1 2 3 What percentage of joint cost is allocated to each of the three products using the physical units method? Percent of Sales Units Units at Split-Off 260 780 1,560 2,600 % %

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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2a
Denver Fabricators manufactures products DF1 and DF2 from a joint process, which also yields a by-product, BP. The company accounts for the revenues from its by-product sales as other income. Additional information follows: DF1 DF2 BP Total Units produced 27,000 18,000 15,000 60,000 Allocated joint costs ? ? ? $ 560,000 Sales value at split-off $ 561,000 $ 187,000 $ 102,000 $ 850,000 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what joint costs are allocated to each of the joint products DF1 and DF2 and to the by-product, BP?
Exercise 11-47 (Algo) Net Realizable Value Method with By-Products (LO 11-7, 10) Butterfly Corp. manufactures products M1 and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for the revenues from its by-product sales as other income. Additional information follows: M1 24,400 ? M2 13,800 ? Joint cost of product M1 B1 9,600 ? Units produced Allocated joint costs Sales value at split-off $378,000 $252,000 $96,000 Total 47,800 $352,000 $726,000 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product M1? (Do not round intermediate calculations.)
17 oints Split Corporation manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products based on relative sales value of the products at the split-off point. Additional information is as follows: Units produced Allocated joint costs Sales value at split-off 01:39:59 Sales value if processed further Additional costs for further processing Product X's sales value at the split-off point is: 26,000 $ 161,280 Z Total 22,000 $ 108,000 18,000 $180,000 66,000 $449,280 ? 150,000 66,000 250,000 624,000 46,000 186,000 341,000 279,000 1,268,000 74,000 648,000 0 Multiple Choice $156,000. $19,000. $190,000 $224,000 $117,000.
5
Marin Products produces three products — DBB-1, DBB-2, and DBB-3 from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Key information about Marin's production, sales, and costs follows. DBB-1 DBB-2 DBB-3 Total Units Sold 11,000 17,000 24,000 52,000 Price (after addt’l processing) $ 10 $ 25 $ 30 Separable Processing cost $ 282,000 $ 114,000 $ 169,000 $ 565,000 Units Produced 17,600 31,000 39,400 88,000 Total Joint Cost $ 4,800,000 Sales Price at Split-off $ 20 $ 30 $ 50 The amount of joint costs allocated to product DBB-3 using the physical measure method is (calculate all ratios and percentages to 2 decimal places, for example 33.33%, and round all dollar amounts to the nearest…
Joint Cost Allocation—Physical Units Method Board-It, Inc., produces the following types of 2 × 4 × 10 wood boards: washed, stained, and pressure treated. These products are produced jointly until they are cut. One batch produces 45 washed boards, 35 stained boards, and 20 pressure treated boards. The joint production process costs a total of $710 per batch. Using the physical units method, allocate the joint production cost to each product. Round your answers to two decimal places.