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SPY Company processe

SPY Company processe

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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SPY Company processes 30,000 gallons of direct materials to produce two products, Product X and Product Y. Product X, the byproduct, sells for $2 per gallon and Product Y, the main product, sells for $50 per gallon. The following information is for August: Production Product X (in gallons): 6,000 Product Y in gallons): 24,000 O None of the choices O $4,000 O 50 O $12,000 $8.000 Sales Begin Inventory 4,000 24,000 0 125 Ending Inventory The manufacturing costs totaled $30,000. How much is the ending inventory for the byproduct if byproducts are recognized in the general ledger at the point of production? 2,000 125
Transcribed Image Text:SPY Company processes 30,000 gallons of direct materials to produce two products, Product X and Product Y. Product X, the byproduct, sells for $2 per gallon and Product Y, the main product, sells for $50 per gallon. The following information is for August: Production Product X (in gallons): 6,000 Product Y in gallons): 24,000 O None of the choices O $4,000 O 50 O $12,000 $8.000 Sales Begin Inventory 4,000 24,000 0 125 Ending Inventory The manufacturing costs totaled $30,000. How much is the ending inventory for the byproduct if byproducts are recognized in the general ledger at the point of production? 2,000 125
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