The meadows Company produced three joint.products at a joint cost of P132,000.Additional information for a recent period is as follows:ProductUnits producedSales valueSales value and additionalProcessing if ProcessedAdd'l CostsP19,80015,40011,000At split-off13,2008,8004,400P88,00077,00055,000Sales ValueP121,00099,00066,000Required: Allocate joint costs using:1. Sales value at split-off2. Physical unitsABC

Joint process is a process where manufacture of one product creates other product. Joint cost is the…

The meadows Company produced three joint.products at a joint cost of P132,000. Additional information for a recent period is as follows: Product Units produced Sales value Sales value and additional Processing if Processed Sales Value P121,000 99,000 66,000 At split-off 13,200 8,800 4,400 P88,000 77,000 55,000 Add'l Costs P19,800 15,400 11,000 Required: Allocate joint costs using: 1. Sales value at split-off 2. Physical units ABC

The meadows Company produced three joint.products at a joint cost of P132,000. Additional information for a recent period is as follows: Product Units produced Sales value Sales value and additional Processing if Processed Sales Value P121,000 99,000 66,000 At split-off 13,200 8,800 4,400 P88,000 77,000 55,000 Add'l Costs P19,800 15,400 11,000 Required: Allocate joint costs using: 1. Sales value at split-off 2. Physical units ABC

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Net Realizable Value Method, Decision to Sell at Split-off or Process Further Arvin, Inc., produces two products, ins and outs, in a single process. The joint costs of this process were $50,000, and 15,000 units of ins and 36,000 units of outs were produced. Separable processing costs beyond the split-off point were as follows: ins, $110,000; outs, $450,000. Ins sell for $8.00 per unit; outs sell for $15.00 per unit. Required: 1. Allocate the $50,000 joint costs using the estimated net realizable value method. Ins Outs Allocated Joint Cost 2. Suppose that ins could be sold at the split-off point for $7.00 per unit. Should Arvin sell ins at split-off or process them further? profit if sold at split-off. Ins be processed further as there will be $
The joint costs allocated to product Y were
Exercise 8-4. JOINT COST ALLOCATION - MARKET VALUE METHOD SP Company produces three products: S, I and P, as the result of initial joint processing plus separable processing after the split-off point. Records for July show the following: Total P150,000 S P. Materials used 170,000 Joint processing cost Further processing costs Units produced P50,000 6,000 4,000 P 50.00 P80,000 12,000 P70,000 6,250 Units sold 9,000 4,250 Unit sales price P 37.50 P 40.00
Peter Company produces four solvents from the same process: A,B,C and D. Joint product costs are P9,000 ( Round to the nearest peso) Product Barrels SP @ Split-Off Pt. Cost to sell @ Split-off Separable Cost Final sales price A 750 P10.00 P6.50 P2.00 P13.50 B 1,000 8.00 4.00 2.50 10.00 C 1,400 11.00 7.00 4.00 15.50 D 2,000 15.00 9.50 4.50 19.50 If Peter Company sells the products after further processing, the following costs to sell will be incurred: A-P2.50 B-P1.00 C-P3.50 D- P6.00 Using the…
None
Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: If Processed Further Sales Value at Additional Product Chem-1 Chem-2 Units Produced 291,000 Split-Off Costs Sales Values $ 223,000 $ 33,000 $ 263,000 179,000 Chem-3 195,000 Chem-4 147,000 812,000 267,000 152,600 249,400 29,700 293,000 25,200 183,000 26,600 273,000 $ 892,000 $ 114,500 $ 1,012,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Product NRV at Split- Off Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4
17 oints Split Corporation manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products based on relative sales value of the products at the split-off point. Additional information is as follows: Units produced Allocated joint costs Sales value at split-off 01:39:59 Sales value if processed further Additional costs for further processing Product X's sales value at the split-off point is: 26,000 $ 161,280 Z Total 22,000 $ 108,000 18,000 $180,000 66,000 $449,280 ? 150,000 66,000 250,000 624,000 46,000 186,000 341,000 279,000 1,268,000 74,000 648,000 0 Multiple Choice $156,000. $19,000. $190,000 $224,000 $117,000.
5
Peter Company produces four solvents from the same process: A,B,C and D. Joint product costs are P9,000 ( Round to the nearest peso) Product Barrels SP @ Split-Off Pt. Cost to sell @ Split-off Separable Cost Final sales price A 750 P10.00 P6.50 P2.00 P13.50 B 1,000 8.00 4.00 2.50 10.00 C 1,400 11.00 7.00 4.00 15.50 D 2,000 15.00 9.50 4.50 19.50 If Peter Company sells the products after further processing, the following costs to sell will be incurred: A-P2.50 B-P1.00 C-P3.50 D- P6.00 Using a…
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