The Mallak Company produced three joint products at a joint cost of $100,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs P 300,000 lbs. $ 245,000 $ 200,000 Q 100,000 lbs. 30,000 -0- R 100,000 lbs. 175,000 100,000 What is the net income of Mallak Company if the estimated net realizable value method of joint cost allocation is used? Multiple Choice $150,000. $20,000. $50,000. $350,000.
The Mallak Company produced three joint products at a joint cost of $100,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs P 300,000 lbs. $ 245,000 $ 200,000 Q 100,000 lbs. 30,000 -0- R 100,000 lbs. 175,000 100,000 What is the net income of Mallak Company if the estimated net realizable value method of joint cost allocation is used? Multiple Choice $150,000. $20,000. $50,000. $350,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Mallak Company produced three joint products at a joint cost of $100,000. Two of these products were processed further. Production and sales were:
| Product | Weight | Sales | Additional |
|||||
| P | 300,000 | lbs. | $ | 245,000 | $ | 200,000 | ||
| Q | 100,000 | lbs. | 30,000 | -0- | ||||
| R | 100,000 | lbs. | 175,000 | 100,000 | ||||
What is the net income of Mallak Company if the estimated net realizable value method of joint cost allocation is used?
Multiple Choice
-
$150,000.
-
$20,000.
-
$50,000.
-
$350,000.
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