Your Uncle John has a wool business in Ireland. The company first shears the sheep and then washes the wool, at which point it haswool fiber and crude lanolin. Then the wool fibers are further processed to make yarn, and the crude lanolin is processed further tomake lanolin cream. Uncle John asks for your help in allocating costs and determining profitability. Here is the information he sent:Joint process costFurther processing cost (wool fiber to yarn)Further processing cost (crude lanolin to cream)Quantity produced (pounds)Quantity sold (pounds)Sales value per poundWool Fiber100$3Cost$1,100550570Crude Lanolin40$5Wool BlendYarn160160$10Lanolin Cream10080$13 Since not all of the lanolin cream is sold, determine the ending inventory cost for the lanolin cream under both the sales value atsplit-off method and the NRV method. (Round answers to 2 decimal places, e.g. 15.25.)Ending inventory cost for the Lanolin CreamSales value at split-off method$NRV method

Name: Your Uncle John has a wool business in Ireland. The company first she
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Description: Your Uncle John has a wool business in Ireland. The company first shears the sheep and then washes the wool, at which point it haswool fiber and crude lanolin. Then the wool fibers are further processed to make yarn, and the crude lanolin is process

Introduction Sales Value at the Split-Off Point: The joint expenses can be distributed…

Business

Accounting

Since not all of the lanolin cream is sold, determine the ending inventory cost for the lanolin cream under both the sales value at split-off method and the NRV method. (Round answers to 2 decimal places, e.g. 15.25.) Sales value at split-off method Ending inventory cost for the Lanolin Cream $ NRV method

Since not all of the lanolin cream is sold, determine the ending inventory cost for the lanolin cream under both the sales value at split-off method and the NRV method. (Round answers to 2 decimal places, e.g. 15.25.) Sales value at split-off method Ending inventory cost for the Lanolin Cream $ NRV method

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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