The Moody Company produced three joint products at a joint cost of $117,000. Two of these products were processed further. Production and sales were:PWeight317,000 lbs. $ 262,00034,250108,500 lbs. 200,500Sales Addt'l. Processing Costs$ 217,000Q 108,500 lbs.R0117,000Assume Q is a by-product and Moody uses the cost reduction method ofaccounting for by-product cost. If estimated net realizable value is used, howmuch of the joint costs would be allocated to product R? (Round your final answerto the nearest whole dollar.)

Joint costs means the costs incurred in producing multiple products simultaneously from the same raw…

The Moody Company produced three joint products at a joint cost of $117,000. Two of these products were processed further. Production and sales were: Sales Addt'l. Processing Costs $ 217,000 Weight P 317,000 lbs. $ 262,000 Q 108,500 lbs. R 108,500 lbs. 200,500 34,250 0 117,000 Assume Q is a by-product and Moody 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? (Round your final answer to the nearest whole dollar.)

The Moody Company produced three joint products at a joint cost of $117,000. Two of these products were processed further. Production and sales were: Sales Addt'l. Processing Costs $ 217,000 Weight P 317,000 lbs. $ 262,000 Q 108,500 lbs. R 108,500 lbs. 200,500 34,250 0 117,000 Assume Q is a by-product and Moody 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? (Round your final answer to the nearest whole dollar.)

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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Denver Fabricators manufactures products DF1 and DF2 from a joint process, which also yields a by-product, BP. The company accounts for the revenues from its by-product sales as other income. Additional information follows: Units produced Allocated joint costs Sales value at split-off DF1 DF2 BP DF1 27,300 ? DF2 18,300 ? $ 563,250 $ 187,750 Joint Cost BP 15,300 ? $ 102,300 Total Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what joint costs are allocated to each of the joint products DF1 and DF2 and to the by-product, BP? Note: Do not round intermediate calculations. 60,900 $ 560,300 $ 853,300
Atkinson, Inc., manufactures products A, B, and C from a common process. Joint costs were $154,680. Additional information is as follows: If Processed Further Product UnitsProduced Sales Value at Split-Off Sales Value Additional Costs A 7,110 $ 46,660 $ 64,435 $ 4,740 B 8,150 70,905 91,280 12,225 C 4,075 48,900 61,125 16,300 19,335 $ 166,465 $ 216,840 $ 33,265 Assuming that joint product costs are allocated using the net realizable value method, what were the total costs assigned to Product B? Multiple Choice $78,110. $77,906. $77,110. $79,396.
Marin Products produces three products — DBB-1, DBB-2, and DBB-3 from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Key information about Marin's production, sales, and costs follows. DBB-1 DBB-2 DBB-3 Total Units Sold 16,000 25,000 36,000 77,000 Price (after addt’l processing) $ 30 $ 15 $ 40 Separable Processing cost $ 179,000 $ 72,000 $ 107,000 $ 358,000 Units Produced 16,000 25,000 36,000 77,000 Total Joint Cost $ 3,600,000 Sales Price at Split-off $ 20 $ 30 $ 50 The amount of joint costs allocated to product DBB-2 using the sales value at split-off method is (calculate all ratios and percentages to 2 decimal places, for example 33.33%, and round all dollar amounts to the…
Marin Products produces three products — DBB-1, DBB-2, and DBB-3 from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Key information about Marin's production, sales, and costs follows. DBB-1 DBB-2 DBB-3 Total Units Sold 11,000 17,000 24,000 52,000 Price (after addt’l processing) $ 10 $ 25 $ 30 Separable Processing cost $ 282,000 $ 114,000 $ 169,000 $ 565,000 Units Produced 17,600 31,000 39,400 88,000 Total Joint Cost $ 4,800,000 Sales Price at Split-off $ 20 $ 30 $ 50 The amount of joint costs allocated to product DBB-3 using the physical measure method is (calculate all ratios and percentages to 2 decimal places, for example 33.33%, and round all dollar amounts to the nearest…
am. 113.