Tamarisk Group provides many of the laminated products that teachers use in their classrooms. Tamarisk management consie company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Tamarisk has treated these cut-outs as a by-product, since it receives a small value fo items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint proces costs $1.900, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced Sales Value per Unit $2 2.100 500 0.50

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Do not give image format
Progress
Tamarisk Group provides many of the laminated products that teachers use in their classrooms. Tamarisk management considers t
company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its
production of plastic tableware. To date, Tamarisk has treated these cut-outs as a by-product, since it receives a small value for the
items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process th
costs $1,900, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account.
Main laminated products
Small cut-outs
Units Produced Sales Value per Unit
$2
2.100
500
0.50
Transcribed Image Text:Progress Tamarisk Group provides many of the laminated products that teachers use in their classrooms. Tamarisk management considers t company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Tamarisk has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process th costs $1,900, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced Sales Value per Unit $2 2.100 500 0.50
If 10% of the production for both products had been unsold as of year-end, how much inventory cost would remain on the balance
sheet for each product under (1) the sales method and (2) the production method? (Do not leave any answer field blank. Enter o for
amounts.)
(1) The sales method
Inventory cost
(2) The production method
Inventory cost
FG Inventory-Main
$
179
FG Inventory-Main
153
FG Inventory-By-Product
11
FG Inventory-By-Product
S
37
Transcribed Image Text:If 10% of the production for both products had been unsold as of year-end, how much inventory cost would remain on the balance sheet for each product under (1) the sales method and (2) the production method? (Do not leave any answer field blank. Enter o for amounts.) (1) The sales method Inventory cost (2) The production method Inventory cost FG Inventory-Main $ 179 FG Inventory-Main 153 FG Inventory-By-Product 11 FG Inventory-By-Product S 37
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps with 10 images

Blurred answer
Knowledge Booster
Cost classification
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education