To-Go produces milk and sour cream from a joint process. During June, the company produced 336,000 quarts of milk and 266,000 pints of sour cream (there are two pints in a quart). Sales value at split-off point was $528,360 for the milk and $248,640 for the sour cream. The milk was assigned $176,120 of the joint cost. a. Using the sales value at split-off approach, determine the total joint cost for June. $______ b. Assume, instead, that the joint cost was allocated based on the number of quarts produced. What was the total joint cost incurred in June? $______
To-Go produces milk and sour cream from a joint process. During June, the company produced 336,000 quarts of milk and 266,000 pints of sour cream (there are two pints in a quart). Sales value at split-off point was $528,360 for the milk and $248,640 for the sour cream. The milk was assigned $176,120 of the joint cost. a. Using the sales value at split-off approach, determine the total joint cost for June. $______ b. Assume, instead, that the joint cost was allocated based on the number of quarts produced. What was the total joint cost incurred in June? $______
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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To-Go produces milk and sour cream from a joint process. During June, the company produced 336,000 quarts of milk and 266,000 pints of sour cream (there are two pints in a quart). Sales value at split-off point was $528,360 for the milk and $248,640 for the sour cream. The milk was assigned $176,120 of the joint cost.
a. Using the sales value at split-off approach, determine the total joint cost for June. $______
b. Assume, instead, that the joint cost was allocated based on the number of quarts produced. What was the total joint cost incurred in June? $______
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