Dallas Company produces joint products, TomL and JimmyJ, each of which incurs separable production costs after the splitoff point. Information concerning a batch produced at a $200,000 joint cost before splitoff follows: SalesSeparableCostsProductTomlJimmyJValue$10,000$ 80,00050,00020,000$30,000$130,000What is the joint cost assigned to TomL if costs are assigned using relative net realizable value?1. $60,0003. $48,0002. $140,0004. $200,000

Sales Separable Costs Product Toml JimmyJ Value $10,000 $ 80,000 50,000 20,000 $30,000 $130,000 What is the joint cost assigned to TomL if costs are assigned using relative net realizable value? 1. $60,000 3. $48,000 2. $140,000 4. $200,000

Sales Separable Costs Product Toml JimmyJ Value $10,000 $ 80,000 50,000 20,000 $30,000 $130,000 What is the joint cost assigned to TomL if costs are assigned using relative net realizable value? 1. $60,000 3. $48,000 2. $140,000 4. $200,000

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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Question

Dallas Company produces joint products, TomL and JimmyJ, each of which incurs separable production costs after the splitoff point. Information concerning a batch produced at a $200,000 joint cost before splitoff follows:

Sales
Separable
Costs
Product
Toml
JimmyJ
Value
$10,000
$ 80,000
50,000
20,000
$30,000
$130,000
What is the joint cost assigned to TomL if costs are assigned using relative net realizable value?
1. $60,000
3. $48,000
2. $140,000
4. $200,000

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