Crane Minerals processes materials extracted from mines. The most common raw material that itprocesses results in three joint products: Spock, Uhura, and Sulu. Each of these products can be soldas is, or each can be processed further and sold for a higher price. The company incurs joint costs of$179,800 to process one batch of the raw material that produces the three joint products. Thefollowing cost and sales information is available for one batch of each product.SpockUhuraSuluIncrementalprofit (loss)Sales Value atSplit-Off PointSpockUhura$209,700Sulu300,900454,100Save for Later$Determine the incremental profit or loss that each of the three joint products. (Enter negative amountsusing either a negative sign preceding the number e.g. -45 or parentheses eg. (45).)sold as isAllocatedJoint Costs$39.70060,70079,400Spockprocess furtherCost to ProcessFurther$110,400process further85,100249,700$Sales Value ofProcessed ProductIndicate whether each of the three joint products should be sold as is, or processed further.$300,300Uhura400,000799,600$SuluAttempts: 0 of 1 used Submit Answer

Profit for the company resulting from an increase in sales is what is meant by incremental revenue.…

Sulu Incremental profit (loss) Spock 454.100 Determine the incremental profit or loss that each of the three joint products. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45)) Uhura Sulu $ Spock sold as is 79,400 process further process further 249,700 $ Indicate whether each of the three joint products should be sold as is, or processed further. 799,600 Uhura $ Sulu

Sulu Incremental profit (loss) Spock 454.100 Determine the incremental profit or loss that each of the three joint products. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45)) Uhura Sulu $ Spock sold as is 79,400 process further process further 249,700 $ Indicate whether each of the three joint products should be sold as is, or processed further. 799,600 Uhura $ Sulu

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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Exercise 11-47 (Algo) Net Realizable Value Method with By-Products (LO 11-7, 10) Butterfly Corp. manufactures products M1 and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for the revenues from its by-product sales as other income. Additional information follows: M1 24,400 ? M2 13,800 ? Joint cost of product M1 B1 9,600 ? Units produced Allocated joint costs Sales value at split-off $378,000 $252,000 $96,000 Total 47,800 $352,000 $726,000 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product M1? (Do not round intermediate calculations.)
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Current Attempt in Progress Crane Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCM) basis in valuing inventories. Product Cost Net realizable value A $119000 $127000 B 78000 C 151000 76000 O $346000 O $348000 O $369000 O $367000. 164000 D If Crane applies the LCNRV basis, the value of the inventory reported on the balance sheet would be
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