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Sinclair Company is one of the world's leading com refiners. It produces two joint products--com synup and constarch-uning a common production process in July 2017, Sinclair reported the following production and selling price information (Click the icon to view the information) Requirement Allocate the 1323 000 joint costs using the NRV method (Round the weights to two decimal places) Final sales value of total production Deduct separable costs NHV at splitoff point Weighting Joint costs allocated Corn syrup Corn starch Total Data table Joint costs (costs of processing com to splitoff point) Separable cost of processing beyond splitoff point Beginning inventory (cases) Production and Sales (cases) Ending inventory (cases) Com Syrup Com Starch Joint Costs S 323 000 $ 404,910 0 12.100 535 107,590 • 6.600 0 27

Sinclair Company is one of the world's leading com refiners. It produces two joint products--com synup and constarch-uning a common production process in July 2017, Sinclair reported the following production and selling price information (Click the icon to view the information) Requirement Allocate the 1323 000 joint costs using the NRV method (Round the weights to two decimal places) Final sales value of total production Deduct separable costs NHV at splitoff point Weighting Joint costs allocated Corn syrup Corn starch Total Data table Joint costs (costs of processing com to splitoff point) Separable cost of processing beyond splitoff point Beginning inventory (cases) Production and Sales (cases) Ending inventory (cases) Com Syrup Com Starch Joint Costs S 323 000 $ 404,910 0 12.100 535 107,590 • 6.600 0 27

FINANCIAL ACCOUNTING
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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Sinclair Company is one of the world's leading com refiners. It produces two joint products-com synup and com starth-using a common production process. In July 2017, Sinclair reported the following production and selling price information (Click the icon to view the information) Requirement Allocate the $323.000 joint costs using the NRV method (Round the weights to two decimal places) Final sales value of total production Deduct separable costs NRV at splitoff point Weighting Joint costs allocated Corn syrup Com starch Total Data table Joint costs (costs of processing com to splitoff point) Separable cost of processing beyond splitoff point Beginning inventory (cases) Production and Sales (cases) Ending inventory (cases) Selling price per case Com Syrup Com Starch Joint Costs S 323,000 S S 404.910 0 12,100 0 535 107,590 0 6.600 0 27
Transcribed Image Text:Sinclair Company is one of the world's leading com refiners. It produces two joint products-com synup and com starth-using a common production process. In July 2017, Sinclair reported the following production and selling price information (Click the icon to view the information) Requirement Allocate the $323.000 joint costs using the NRV method (Round the weights to two decimal places) Final sales value of total production Deduct separable costs NRV at splitoff point Weighting Joint costs allocated Corn syrup Com starch Total Data table Joint costs (costs of processing com to splitoff point) Separable cost of processing beyond splitoff point Beginning inventory (cases) Production and Sales (cases) Ending inventory (cases) Selling price per case Com Syrup Com Starch Joint Costs S 323,000 S S 404.910 0 12,100 0 535 107,590 0 6.600 0 27
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