Sheridan Minerals processes materials extracted from mines. The most common raw material that it processes results in there onproductic Spock Uhura and Sulu Each of these products can be sold ais, or each can be processed further and sold for a higher priceThe company incurs joint costs of $179.900 to process one biatch of the raw material that produces the three joint products. Thefollowing cost and sales information is available for one hatch of each productSpockUhursSales Value atSplit-Off PointSpock1210.500300.300455.700UburkDetermine the incremental prut or lots that each of the threejint products (Enter neutive munts using either a nivenpreceding the number e 45 or parenthee (45)midaninAllocatedJolst14030059.90079,700STextbook and MediaCost to ProcessFurther$109.40064.400250,100Spockindicate whether each of the three point products should be sold in is, or processed furtherSales Value ofProcessed Product$300 400399.700800.000UhursSuluAttempt of d

Sheridan Minerals processes materials extracted from mines. The inost common raw material that it processes rends in the join products Spock Utora and Sulu Cach of these products can be sold as is, or each can be processed further and sold for a higher price The company incurs joint costs of $179.900 to process one batch of the rawi erial that produces the three joint products. The dow information product Soock Uhurs Sales Val Split Off Point 1210500 300.300 455.700 Ubura precling the number og -45 or purcha Allocated Jol Costs $40300 54.900 79,700 S Textbok and Media Spock Cost to Process $109400 64400 250,100 Sales Value of Processed Product $300-400 399.200 800.000 indicate whether each of the three joint products should be sild anis, or processed further Uhure Sulu Attempts 0 of 3 d

Sheridan Minerals processes materials extracted from mines. The inost common raw material that it processes rends in the join products Spock Utora and Sulu Cach of these products can be sold as is, or each can be processed further and sold for a higher price The company incurs joint costs of $179.900 to process one batch of the rawi erial that produces the three joint products. The dow information product Soock Uhurs Sales Val Split Off Point 1210500 300.300 455.700 Ubura precling the number og -45 or purcha Allocated Jol Costs $40300 54.900 79,700 S Textbok and Media Spock Cost to Process $109400 64400 250,100 Sales Value of Processed Product $300-400 399.200 800.000 indicate whether each of the three joint products should be sild anis, or processed further Uhure Sulu Attempts 0 of 3 d

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Stoney Brook Company produces two products (X and Y) 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. Joint manufacturing costs for the year were $81,000. Sales values and costs were as follows: Product Units Made Sales Price at Split-Off If Processed Further Sales Value Separable Cost X 12,000 $ 43,000 $ 81,000 $ 10,500 Y 4,000 86,000 96,000 7,500 If the joint production costs are allocated based on the relative-sales-value method, what woukd be the amount of joint cost assigned to product X ?
None
Please answer in text form without image
Atkinson, Inc., manufactures products A, B, and C from a common process. Joint costs were $154,680. Additional information is as follows: If Processed Further Product UnitsProduced Sales Value at Split-Off Sales Value Additional Costs A 7,110 $ 46,660 $ 64,435 $ 4,740 B 8,150 70,905 91,280 12,225 C 4,075 48,900 61,125 16,300 19,335 $ 166,465 $ 216,840 $ 33,265 Assuming that joint product costs are allocated using the net realizable value method, what were the total costs assigned to Product B? Multiple Choice $78,110. $77,906. $77,110. $79,396.
The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, incurring separable processing costs. There is a $1,500 disposal cost for the by- product. A summary of a recent month's activity at Marshall is shown below: Ying 75,000 75,000 $ 210,000 $ 15,000 $ 6.00 Total joint costs for Marshall in the recent month are $211,000, of which $90,730 is a variable cost. Units sold Units produced Separable processing costs-variable Separable processing costs-fixed Sales price Manufacturing cost per unit Total gross margin Yang 60,000 60,000 $ 65,000 $ 10,000 $ 12.50 Required: 1. Calculate the manufacturing cost per unit for each of the three products. (Round manufacturing cost per unit answers to 2 decimal places.) 2. Calculate the total…
La Loma Company produces four solvents from the same process: Wan, Tu, Tri, Por. Joint production costs are as follows: Materials - P4, 000; Labor - P3, 0003; Overhead- P2, 000 Disposal cost Further per barrel at per barrel at processing price per split- off Sales price Final sales split- off costs barrel Barrels Wan 750 P10 P6.50 P2.00 P13.50 Tu 1, 000 8 4.00 2.50 10.00 Tri 4, 000 11 7.00 4.00 15.50 Por 2, 000 15 9.50 4.50 19.50 If La Loma sells the products after further processing, the following disposal costs will be incurred: C, P2.50; D, P1.00; E, P3.50; G, P6.00. (Round all answers to the nearest peso) Using a physical measurement method, what amount of joint processing cost is allocated to Product Por?
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 16,000 25,000 36,000 77,000 Price (after addt’l processing) $ 30 $ 15 $ 40 Separable Processing cost $ 179,000 $ 72,000 $ 107,000 $ 358,000 Units Produced 16,000 25,000 36,000 77,000 Total Joint Cost $ 3,600,000 Sales Price at Split-off $ 20 $ 30 $ 50 The amount of joint costs allocated to product DBB-2 using the sales value at split-off method is (calculate all ratios and percentages to 2 decimal places, for example 33.33%, and round all dollar amounts to the…
ABC Manufacturing Company makes three products that can either be sold or processed further and then sold. The cost associated with the Bacolod joint process is P240,000. Units SP at split off Separable cost Final SP101 15,000 6.00 2.00 8.50202 20,000 4.00 1.00 6.00303 25,000 4.00 1.75 5.50Per unit, Product 101 weighs 3 ounces, Product 202 weighs 2 ounces, and Product 303 weighs 3 ounces. Which of the products should be processed further? A. Product 101 onlyB. Product 303 onlyC. Product 202 onlyD. Product 101 and 202
Two products (W and X) are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or work in progress. The following information is available for last period: Total joint production costs $776,160 Product Production units Sales units Selling price per unit W 12,000 10,000 $10 X 10,000 8,000 $12 Using the sales value method of apportioning joint production costs, what was the value of the closing inventory of product X for last period? A $310,464 B $388,080 C $155,232 D $77,616
Dinesh
4. Sell at Split-Off or Process Further Decision, Alternatives, Relevant Costs Betram Chemicals Company processes a number of chemical compounds used in producing industrial cleaning products. One compound is decomposed into two chemicals: anderine and dofinol. The cost of processing one batch of compound is $76,500, and the result is 5,900 gallons of anderine and 7,900 gallons of dofinol. Betram Chemicals can sell the anderine at split-off for $9.00 per gallon and the dofinol for $6.00 per gallon. Alternatively, the anderine can be processed further at a cost of $8.10 per gallon (of anderine) into cermine. It takes 3 gallons of anderine for every gallon of cermine. A gallon of cermine sells for $60. Required: 1. Which alternative is more cost effective and by how much?NOTE: Do NOT round interim calculations and, if required, round your answer to the nearest dollar. by $fill in the blank 2 2. What if the production of anderine into cermine required additional purchasing and quality…
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…