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The Mallak Company produced three joint products at a joint cost of $122,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs 311,000 lbs. $ 111,000 lbs. 111,000 lbs. P R 264,250 41,000 199,750 $ 211,000 -0- 111,000 Assume Q is a by-product and Mallak uses the cost reduction method of accounting for by-product cost. If estimated net realizable value is used, how much of the joint costs would be allocated to product R? Multiple Choice $45,000. $50,625. $61,000. $76,250.

The Mallak Company produced three joint products at a joint cost of $122,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs 311,000 lbs. $ 111,000 lbs. 111,000 lbs. P R 264,250 41,000 199,750 $ 211,000 -0- 111,000 Assume Q is a by-product and Mallak uses the cost reduction method of accounting for by-product cost. If estimated net realizable value is used, how much of the joint costs would be allocated to product R? Multiple Choice $45,000. $50,625. $61,000. $76,250.

FINANCIAL ACCOUNTING
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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The Mallak Company produced three joint products at a joint cost of $122,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs 311,000 lbs. $ P Q R 111,000 lbs. 111,000 lbs. 264,250 41,000 199,750 $ 211,000 -0- 111,000 Assume Q is a by-product and Mallak uses the cost reduction method of accounting for by-product cost. If estimated net realizable value is used, how much of the joint costs would be allocated to product R? Multiple Choice $45,000. $50,625. $61,000. $76,250.
Transcribed Image Text:The Mallak Company produced three joint products at a joint cost of $122,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs 311,000 lbs. $ P Q R 111,000 lbs. 111,000 lbs. 264,250 41,000 199,750 $ 211,000 -0- 111,000 Assume Q is a by-product and Mallak uses the cost reduction method of accounting for by-product cost. If estimated net realizable value is used, how much of the joint costs would be allocated to product R? Multiple Choice $45,000. $50,625. $61,000. $76,250.
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