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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Company produced joint products M, N and O from same raw materials with total joint costs P35,000. Other data are as follows: Quantity Produced in units (1,500; 2,500; 1,000); Unit Market value at split-off (P6; P10; P8); Final unit selling price (P10, P12, P15); Additional costs after split off (P3,000; P2,000; P5,000); Quantity Sold (1,200; 2,000; 800). Using the average unit cost method, what is the unit cost of Product M? P 7.80 P12.00 P 9.00 P 7.00
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Company produced and sold 30,000 units Product K and 2,000 units by-product W from the same process with joint cost P420,000. At split-off, the selling prices for K is P25 per unit while W is P5 per unit. BSBA desires P4,000 net profit on by-products. Using the reversal cost method in accounting for by-products, what is the unit cost of Product K and total cost of goods sold, respectively P13.80 and P420,000 P14.00 and P414,000 P14.00 and P420,000 P13.80 and P414,000
am. 113.