The Happy Wimp Co. is in the business of processing corn intooil, sugar, meal, and chaff. Each month the Happy Wimp Co.processes 20,000 pounds. The yields, additional processingcosts, and selling prices are:Sales Value atProduct Yield Split-off PointOil 200 lbs. $1.25Sugar 200 lbs. .80Meal 500 lbs..40Chaff 100 lbs..10Added Costs Price per lb..50 per lb.$2.00.30 per lb.1.30.60.10.20 per lb.0Joint processing costs per 1,000 pounds are: raw materials $100,labor $80, and depreciation $4,000/20 = $200; Total $380.Required:a.) Allocate the total joint costs to the different productsaccording to the four allocation methods. Treat chaff as amain product.b.) Allocate the total joint costs to the different productsaccording to the four allocation methods. Treat chaff as aby-product.

To allocate the total joint costs to the different products for the Happy Wimp Co., we first need to…

Answered: The Happy Wimp Co. is in the business…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter10: Short-term Decision Making

Section: Chapter Questions

Problem 11PB: Strawberry Sweet Company makes a variety of jams and jellies. During June, 55,000 gallons of...

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A Florida processing company, Sunshine ToGo, produces two products from a joint process: Alpha and Omega. Joint processing costs for this month's production cycle are $9,000. Pounds Sales priceper pound atsplit-off Disposalcost perpound atsplit-off Furtherprocessingper pound Final saleprice perpound Alpha 1,800 $7.00 $4.50 $1.50 $ 8.00 Omega 2,600 10.00 6.00 3.50 12.25 If Alpha and Omega are processed further, no disposal costs will be incurred or such costs will be borne by the buyer. Using a physical measure method, what amount of joint processing cost is allocated to Omega (round to the nearest dollar)? Using sales value at split-off, what amount of joint processing cost is allocated to Alpha (round to the nearest dollar)?
A Florida processing company, Sunshine ToGo, produces two products from a joint process: Alpha and Omega. Joint processing costs for this month's production cycle are $18,000. Pounds Sales priceper pound atsplit-off Disposalcost perpound atsplit-off Furtherprocessingper pound Final saleprice perpound Alpha 1,260 $7.00 $4.50 $1.50 $ 8.00 Omega 2,940 10.00 6.00 3.50 12.25 If Alpha and Omega are processed further, no disposal costs will be incurred or such costs will be borne by the buyer. Using sales value at split-off, what amount of joint processing cost is allocated to Alpha (round to the nearest dollar)? Group of answer choices $13,846 $4,154 $2,938 $5,400
Royal Lawncare Company produces and sells two packaged products- Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Greengrow Selling price per unit $ 11.00 $ 37.00 Variable expenses per unit $ 2.70 $ 10.00 Traceable fixed expenses per year. $ 134,000 $ 31,000 Last year the company produced and sold 39, 500 units of Weedban and 15, 500 units of Greengrow. Its annual common fixed expenses are $98,000. Required: Prepare a contribution format income statement segmented by product lines.
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Selling price per unit Variable expenses per unit Traceable fixed expenses per year Weedban $ 12.00 $ 3.20 $ 135,000 Product Greengrow $36.00 $ 11.00 $ 37,000 Last year the company produced and sold 42,500 units of Weedban and 15,000 units of Greengrow. Its annual common fixed expenses are $95,000. Required: Prepare a contribution format income statement segmented by product lines. Total Company Product Line Weedban Greengrow
S Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Selling price per unit Variable expenses per unit Traceable fixed expenses per year Weedban $ 6.00 $2.40 $ 45,000 Product Greengrow $ 7.50 $5.25 $ 21,000 Last year the company produced and sold 15,000 units of Weedban and 28,000 units of Greengrow. Its annual common fixed expenses are $33,000. Prev Required: Prepare a contribution format income statement segmented by product lines. Total Company 1 of 4 Product Line Weedban Greengrow Next >
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Selling price per unit Variable expenses per unit Traceable fixed expenses per year Product Weedban $ 12.00 $2.20 $ 137,000 Greengrow $ 32.00 $15.00 $ 39,000 Last year the company produced and sold 44,000 units of Weedban and 25,000 units of Greengrow. Its annual common fixed expenses are $112,000. Required: Prepare a contribution format income statement segmented by product lines. $ Total Company 0 Product Line Weedban 0 $ 0 0 Greengrow 0 $ 0 0
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Mc Donald’s sells 1500 burgers per year. The cost to place an order for raw materials is RO 40. The cost of one burger is RO 0.600 and the carrying cost is 20% of the cost. Find the Economic Order Quantity. a. 1000 units b. 2000 units c. 1500 units d. 800 units
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow.: Product Selling priee per unit Variable expensen per unit Traceable fixed expenses per year Weedban $ 10.00 $2.70 $ 129,000 Greengrow $ 40.00 $ 11.00 $ 45,000 Last year the company produced and sold 37,500 units of Weedban and 20,500 units of Greengrow. Its annual common fixed expenses are $97,000. Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Weedban Greengrow Company Sales Variable expenses Contribution margin Traceable fixed expenses Product line segment margin Common fixed expenses not traceable to products Net operating income
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Selling price per unit Variable expenses per unit Traceable fixed expenses per year Weedban $12.00 $2.50 $ 132,000 Required: Prepare a contribution format in Product Greengrow $ 31.00 $ 13.00 $ 39,000 Last year the company produced and sold 40,500 units of Weedban and 15,500 units of Greengrow. Its annual common fixed expenses are $114,000. statement segmented by product lines. Total Company Product Line Weedban Greengrow
Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost Information relating to the products follow: Selling price per unit Variable expenses per unit Product Weedban $ 6.00 $ 2.40 $ 45,000 Greengrow $ 7.50 $ 5.25 $ 21,000 Traceable fixed expenses per year Last year the company produced and sold 15,000 units of Weedban and 28,000 units of Greengrow. Its annual common fixed expenses are $33,000. Required: Prepare a contribution format Income statement segmented by product lines. × Answer is not complete. Product Line Total Company Weedban Sales Variable expenses Contribution margin $ 300,000 $ 90,000 183,000 → 38,000 ✔ Greengrow $ 210,000 147,000 117,000 54,000 63,000 Traceable fixed expenses Gross margin 66,000 45,000 63,000 x x 51,000 $ 9,000 $ 0 33,000 Net operating income S 18,000
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