The following information relates to a joint productionprocess for three products, with a total joint productioncost of $165,000. There are no separable processing costsfor any of the three products.Product12Sales Value atSplit-Off$ 181,500Product12399,00049,500$ 330,000Assume that the total sales value at the split-off point for product 1 is$66,000 instead of $181,500 and the sales value of product 3 is $3,300instead of $49,500. Assume also that the firm treats product 3 as a jointproduct and uses the net realizable value method for accounting for jointcosts. There are no separable processing costs for product 3. Whatamount of joint costs would be allocated to the three products using therelative sales value method? (Round your intermediate percentage valuesto 2 decimal places (i.e. 24.35%) and final answers to nearest wholedollar amount.)Units atSplit-Off3209601,9203,200Allocated JointCost

The objective of the question is to calculate the amount of joint costs allocated to each of the…

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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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Stoney Brook Company produces two products (X and Y) from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Joint manufacturing costs for the year were $81,000. Sales values and costs were as follows: Product Units Made Sales Price at Split-Off If Processed Further Sales Value Separable Cost X 12,000 $ 43,000 $ 81,000 $ 10,500 Y 4,000 86,000 96,000 7,500 If the joint production costs are allocated based on the relative-sales-value method, what woukd be the amount of joint cost assigned to product X ?
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Split Company produces three products — X, Y, and Z — from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Last year all three products were processed beyond split-off. Joint production costs for the year were $142,000. Sales values and costs needed to evaluate Split's production policy follow. Product Units Produced Sales Value at Split Off If Processed Further Sales Value Additional Costs x 16,000 $ 45,500 $ 107,500 $ 6,700 y 4,000 31,500 56,500 14,000 z 5,000 38,000 52,000 18,000 The amount of joint costs allocated to product X using the physical measure method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar):
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Split Company produces three products-X, Y, and Z-from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Last year all three products were processed beyond split-off. Joint production costs for the year were $130,000. Sales values and costs needed to evaluate Split's production policy follow. Product X y Z A. $27,132. B. $32,143. C. $37,143. D. $43,788. E. $60,714. OA B C Units Produced 14,000 7,500 3,500 OD Sales Value at Split Off $42,500 22,500 26,000 If Processed Further Sales Value $ 92,500 47,500 40,000 The amount of joint costs allocated to product Y using the sales value at split-off method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): Additional Costs $ 3,700 8,000 9,000
Sunland Inc. produces three separate products from a common process costing $100,100. Each of the products can be sold at the split- off point or can be processed further and then sold for a higher price. Shown below are cost and selling price data for a recent period. Product 10 Product 12 Product 14 (c) Product Your answer is partially correct. Product 10 Product 12 Product 14 $ Sales Value at Split-Off Point $59,700 $ 15,800 $ 55,400 Calculate incremental profit/(loss) and determine which products should be sold at the split-off point and which should be processed further. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Incremental profit (loss) Cost to Process Further eTextbook and Media $100,100 30,800 149,700 Sales Value after Further Processing $191,000 34,700 Decision 214,000 Should be processed further Should be sold at the split-off point Should be processed further Assistance Used

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