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Soy Products produces two products, Soyburgers and Soy steaks, in a single process. In 2016, the joint costs of this process were $36,000. In addition, 20,000 pounds of soyburgers and 10,000 pounds of soy    steaks were produced. Separable processing costs beyond the split-off point were: soyburgers, $7,500; soy steaks, $4,500. Soyburgers sells for $2 per pound; Soy steaks sells for $4 per pound.   Required: Allocate the joint costs using the net realizable value method. Allocate the joint costs using the physical units method.

Soy Products produces two products, Soyburgers and Soy steaks, in a single process. In 2016, the joint costs of this process were $36,000. In addition, 20,000 pounds of soyburgers and 10,000 pounds of soy    steaks were produced. Separable processing costs beyond the split-off point were: soyburgers, $7,500; soy steaks, $4,500. Soyburgers sells for $2 per pound; Soy steaks sells for $4 per pound.   Required: Allocate the joint costs using the net realizable value method. Allocate the joint costs using the physical units method.

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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Soy Products produces two products, Soyburgers and Soy steaks, in a single process. In 2016, the joint costs of this process were $36,000. In addition, 20,000 pounds of soyburgers and 10,000 pounds of soy    steaks were produced. Separable processing costs beyond the split-off point were: soyburgers, $7,500; soy steaks, $4,500. Soyburgers sells for $2 per pound; Soy steaks sells for $4 per pound.

 

Required:

  1. Allocate the joint costs using the net realizable value method.
  2. Allocate the joint costs using the physical units method.
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