A-Using estimated net realizable value, what amount of the joint costs would be allocated Skim goat ice cream?B-Using the sales value at split-off method, what is the gross-margin percentage for condensed goat milk at the split-off point? The Green Company processes unprocessed goat milk up to the split-off point where two products,condensed goat milk and skim goat milk result. The following information was collected for the month ofOctober:Direct Materials processed:100,500 gallons (after shrinkage)Condensed goat milkSkim goat milkCondensed goat milkSkim goat milk42,500 gallons58,000 gallons$4.00 per gallon$3.50 per gallonProduction:Sales:The costs of purchasing the of unprocessed goat milk and processing it up to the split-off point to yield atotal of 100,500 gallons of saleable product was $191,480. There were no inventory balances of eitherproduct. Condensed goat milk may be processed further to yield 42,000 gallons (the remainder isshrinkage) of a medicinal milk product, Xyla, for an additional processing cost of $6 per usable gallon.Xxla can be sold for $21 per gallon.Skimgoat milk can be processed further to yield 56,700 gallons of skim goat ice cream, for an additionalprocessing cost per usable gallon of $6. The product can be sold for $14 per gallon.There are no beginning and ending inventory balances.

Answer- Part A-Using estimated net realizable value, Calculation of amount of the joint costs…

The Green Company processes unprocessed goat milk up to the split-off point where two products, condensed goat milk and skim goat milk result. The following information was collected for the month of October: Direct Materials processed: 100,500 gallons (after shrinkage) Condensed goat milk 42,500 gallons 58,000 gallons Condensed goat milk $4.00 per gallon $3.50 per gallon Production: Skim goat milk Sales: Skim goat milk The costs of purchasing the of unprocessed goat milk and processing it up to the split-off point to yield a total of 100,500 gallons of saleable product was $191,480. There were no inventory balances of either product. Condensed goat milk may be processed further to yield 42,000 gallons (the remainder is shrinkage) of a medicinal milk product, Xyla for an additional processing cost of $6 per usable gallon. Xyla can be sold for $21 per gallon. Skim goat milk can be processed further to yield 56,700 gallons of skim goat ice cream, for an additional processing cost per usable gallon of $6. The product can be sold for $14 per gallon. There are no beginning and ending inventory balances.

The Green Company processes unprocessed goat milk up to the split-off point where two products, condensed goat milk and skim goat milk result. The following information was collected for the month of October: Direct Materials processed: 100,500 gallons (after shrinkage) Condensed goat milk 42,500 gallons 58,000 gallons Condensed goat milk $4.00 per gallon $3.50 per gallon Production: Skim goat milk Sales: Skim goat milk The costs of purchasing the of unprocessed goat milk and processing it up to the split-off point to yield a total of 100,500 gallons of saleable product was $191,480. There were no inventory balances of either product. Condensed goat milk may be processed further to yield 42,000 gallons (the remainder is shrinkage) of a medicinal milk product, Xyla for an additional processing cost of $6 per usable gallon. Xyla can be sold for $21 per gallon. Skim goat milk can be processed further to yield 56,700 gallons of skim goat ice cream, for an additional processing cost per usable gallon of $6. The product can be sold for $14 per gallon. There are no beginning and ending inventory balances.

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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