Homework Help is Here – Start Your Trial Now!
Business
Accounting
The Tacoma Recycling Company (TRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company processes the bottles in a special piece of equipment that first melts, then reforms the plastic into large sheets that are cut to size. The edges from the cut pieces are sold for use as package filler. The filler is considered a byproduct. TRC can produce 28 table covers, 79 chair covers and 2 pounds of package filler from 100 pounds of bottles. (Click the icon to view additional information.) Read the requirements. More info - X Table Chair Covers Covers Total Sales values at splitoff 492,800 $ 884,800 $ 1,377,600 Weighting 0.36 0.64 Joint costs allocated $ 287,078 $ 510,362 $ 797,440 ㄛˋ Now complete the statement below for TRC. (Do not round intermediary calculations. Only round th Revenues Table Chair Covers Covers Total 242000 595000 837000 Cost of goods sold: Joint costs allocated 287078 510362 797440 146148 167256 313404 Less: Ending inventory 140930 Cost of goods sold 343106 484036 101070 251894 352964 Gross margin In June, TRC had no beginning inventory. It purchased and processed 160,000 pounds of bottles at a cost of $800,000. TRC sold 22,000 table covers for $11 each, 85,000 chair covers for $7 each, and 3,000 pounds of package filler at $0.80 per pound. Print Done

The Tacoma Recycling Company (TRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company processes the bottles in a special piece of equipment that first melts, then reforms the plastic into large sheets that are cut to size. The edges from the cut pieces are sold for use as package filler. The filler is considered a byproduct. TRC can produce 28 table covers, 79 chair covers and 2 pounds of package filler from 100 pounds of bottles. (Click the icon to view additional information.) Read the requirements. More info - X Table Chair Covers Covers Total Sales values at splitoff 492,800 $ 884,800 $ 1,377,600 Weighting 0.36 0.64 Joint costs allocated $ 287,078 $ 510,362 $ 797,440 ㄛˋ Now complete the statement below for TRC. (Do not round intermediary calculations. Only round th Revenues Table Chair Covers Covers Total 242000 595000 837000 Cost of goods sold: Joint costs allocated 287078 510362 797440 146148 167256 313404 Less: Ending inventory 140930 Cost of goods sold 343106 484036 101070 251894 352964 Gross margin In June, TRC had no beginning inventory. It purchased and processed 160,000 pounds of bottles at a cost of $800,000. TRC sold 22,000 table covers for $11 each, 85,000 chair covers for $7 each, and 3,000 pounds of package filler at $0.80 per pound. Print Done

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter10: Short-term Decision Making
Section: Chapter Questions
Problem 11PA: Quality Clothing, Inc., produces skorts and jumper uniforms for schoolchildren. In the process of...
See similar textbooks
icon
Related questions
Question
The Tacoma Recycling Company (TRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company processes the bottles in a special piece of equipment that first melts, then reforms the plastic into large sheets that are cut to size. The edges from the cut pieces are sold for use as package filler. The filler is considered a byproduct. TRC can produce 28 table covers, 79 chair covers and 2 pounds of package filler from 100 pounds of bottles. (Click the icon to view additional information.) Read the requirements. More info - X Table Chair Covers Covers Total Sales values at splitoff 492,800 $ 884,800 $ 1,377,600 Weighting 0.36 0.64 Joint costs allocated $ 287,078 $ 510,362 $ 797,440 ㄛˋ Now complete the statement below for TRC. (Do not round intermediary calculations. Only round th Revenues Table Chair Covers Covers Total 242000 595000 837000 Cost of goods sold: Joint costs allocated 287078 510362 797440 146148 167256 313404 Less: Ending inventory 140930 Cost of goods sold 343106 484036 101070 251894 352964 Gross margin In June, TRC had no beginning inventory. It purchased and processed 160,000 pounds of bottles at a cost of $800,000. TRC sold 22,000 table covers for $11 each, 85,000 chair covers for $7 each, and 3,000 pounds of package filler at $0.80 per pound. Print Done
Transcribed Image Text:The Tacoma Recycling Company (TRC) purchases old water and soda bottles and recycles them to produce plastic covers for outdoor furniture. The company processes the bottles in a special piece of equipment that first melts, then reforms the plastic into large sheets that are cut to size. The edges from the cut pieces are sold for use as package filler. The filler is considered a byproduct. TRC can produce 28 table covers, 79 chair covers and 2 pounds of package filler from 100 pounds of bottles. (Click the icon to view additional information.) Read the requirements. More info - X Table Chair Covers Covers Total Sales values at splitoff 492,800 $ 884,800 $ 1,377,600 Weighting 0.36 0.64 Joint costs allocated $ 287,078 $ 510,362 $ 797,440 ㄛˋ Now complete the statement below for TRC. (Do not round intermediary calculations. Only round th Revenues Table Chair Covers Covers Total 242000 595000 837000 Cost of goods sold: Joint costs allocated 287078 510362 797440 146148 167256 313404 Less: Ending inventory 140930 Cost of goods sold 343106 484036 101070 251894 352964 Gross margin In June, TRC had no beginning inventory. It purchased and processed 160,000 pounds of bottles at a cost of $800,000. TRC sold 22,000 table covers for $11 each, 85,000 chair covers for $7 each, and 3,000 pounds of package filler at $0.80 per pound. Print Done
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS