The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make platters and cups. TSC incurred $72,000 of materials cost and $76,000 of labor cost to produce the silver alloy. Platters are made first and the residual alloy is remixed into a lower grade silver plated material that is used to make the cups. Remixing costs amount to $10,000. The recent batch contained 20,000 platters and 9,000 cups. TSC sold the platters for $260,000 and the cups for $44,000. If relative market value is used to allocate the joint cost, what is the income earned for cups? Note: Round intermediate calculation to 2 decimal places. Multiple Choice O $(12,440) $132,600 $12,440 $10,000

The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make platters and cups. TSC incurred $72,000 of materials cost and $76,000 of labor cost to produce the silver alloy. Platters are made first and the residual alloy is remixed into a lower grade silver plated material that is used to make the cups. Remixing costs amount to $10,000. The recent batch contained 20,000 platters and 9,000 cups. TSC sold the platters for $260,000 and the cups for $44,000. If relative market value is used to allocate the joint cost, what is the income earned for cups? Note: Round intermediate calculation to 2 decimal places. Multiple Choice O $(12,440) $132,600 $12,440 $10,000

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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