Rosie’s Roses produces three colors of roses: red, white, and peach. The roses are produced jointly in the same garden, and aggregately cost a total of $110 per harvest. One harvest produces 80 red roses, 70 white roses, and 50 peach roses. Rosie also noted that the peach roses require a fertilizer that is twice as expensive as the fertilizer required by the white and red roses. However, due to the structure of the shared garden space, the more expensive fertilizer is used for all flower types in a joint production process. 1. Using the physical units method, allocate the joint costs of production to each product. Round your answers to two decimal places. Joint Product Roses per Harvest Proportion Joint Costs Allocation Red roses fill in the blank 1 fill in the blank 2% $fill in the blank 3 $fill in the blank 4 White roses fill in the blank 5 fill in the blank 6% fill in the blank 7 fill in the blank 8 Peach roses fill in the blank 9 fill in the blank 10% fill in the blank 11 fill in the blank 12 Totals fill in the blank 13 $fill in the blank 14 2. Using the weighted average method, allocate the joint costs of production to each product. Round your answers to two decimal places. Joint Product Roses per Harvest Weight Factor Weighted Roses of Fertilizer Weighted Percent of Fertilizer Joint Costs Allocation Red roses White roses Peach roses Totals

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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Rosie’s Roses produces three colors of roses: red, white, and peach. The roses are produced jointly in the same garden, and aggregately cost a total of $110 per harvest. One harvest produces 80 red roses, 70 white roses, and 50 peach roses. Rosie also noted that the peach roses require a fertilizer that is twice as expensive as the fertilizer required by the white and red roses. However, due to the structure of the shared garden space, the more expensive fertilizer is used for all flower types in a joint production process.

1. Using the physical units method, allocate the joint costs of production to each product. Round your answers to two decimal places.

Joint Product	Roses per Harvest	Proportion	Joint Costs	Allocation
Red roses	fill in the blank 1	fill in the blank 2%	$fill in the blank 3	$fill in the blank 4
White roses	fill in the blank 5	fill in the blank 6%	fill in the blank 7	fill in the blank 8
Peach roses	fill in the blank 9	fill in the blank 10%	fill in the blank 11	fill in the blank 12
Totals	fill in the blank 13			$fill in the blank 14

2. Using the weighted average method, allocate the joint costs of production to each product. Round your answers to two decimal places.

Joint Product	Roses per Harvest	Weight Factor	Weighted Roses of Fertilizer	Weighted Percent of Fertilizer	Joint Costs	Allocation
Red roses
White roses
Peach roses
Totals