Use the following information to answer questions 26-29Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes.During November, they incurred joint processing costs of $420,000. Production and sales valueinformation for November are as follows:ProductCatsupTomato JuiceCanned TomatoesCasesb) $2.06Oc) $7.00Od) $1.00Selling Price/Case$10$8100,000150,000250,000$12Separable Costs/Case$2$1$3If the company has a philosophy of marking up their products 20% over cost, the selling price percase of Tomato Juice should be (using the net realizable value method is (round to 2 decimal places)a) $0.86

Joint costs are those costs which are incurred simultaneously for producing more than one product.…

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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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A beverage company producing grape juices is about to apply High-Low method to estimate their energy cost behavior. The following costs were incurred in the past 12 months: Energy cost $70,200 $6,150 Month grape juice produced(pints) January February 105,000 61,600 March 66,000 $6,000 April 72,000 $67,350 May 90,000 $68,700 June 96,000 $70,050 July 120,000 $84,000 August 90,000 $68,400 September 90,000 $69,000 October 84,000 $68,100 November 127,000 $74,300 December 117,000 $74,850
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A beverage company producing grape juices is about to apply High-Low method to estimate their energy cost behavior. The following costs were incurred in the past 12 months: Energy cost $70,200 $6,150 Month grape juice produced(pints) January February 105,000 61,600 March 66,000 $6,000 April 72,000 $67,350 May 90,000 $68,700 June 96,000 $70,050 July 120,000 $84,000 August 90,000 $68,400 September 90,000 $69,000 October 84,000 $68,100 November 127,000 $74,300 December 117,000 $74,850
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Sandhill Inc. has 4 product lines: sour cream, ice cream, yogurt, and butter. Demand of individual products is not affected by changes in other product lines. 30% of the fixed costs are direct, and the other 70% are allocated. Results of June follow: Sour Cream Ice Cream Yogurt Butter Total Units sold 2,400 600 480 240 3,720 Revenue $12,000 $24,000 $12,000 $24,000 $72,000 Variable departmental costs 7,200 15,600 5,040 5,760 33,600 Fixed costs 6,000 2,400 3,600 8,400 20,400 Net income (loss) $(1,200) $6,000 $3,360 $9,840 $18,000 Prepare an incremental analysis of the effect of dropping the sour cream product line. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
The balance sheet reflects the application of various valuation methods. Which of the methods listed may be used on a balance sheet that follows generally accepted accounting principles? Multiple Choice Current cash equivalent value All of the three specific alternatives are correct Acquisition cost All of the three specific alternatives are correct Acquisition cost None of the other alternatives are correct Present value of future cash flows
The Happy Wimp Co. is in the business of processing corn into oil, sugar, meal, and chaff. Each month the Happy Wimp Co. processes 20,000 pounds. The yields, additional processing costs, and selling prices are: Sales Value at Product Yield Split-off Point Oil 200 lbs. $1.25 Sugar 200 lbs. .80 Meal 500 lbs..40 Chaff 100 lbs..10 Added Costs Price per lb. .50 per lb. $2.00 .30 per lb. 1.30 .60 .10 .20 per lb. 0 Joint processing costs per 1,000 pounds are: raw materials $100, labor $80, and depreciation $4,000/20 = $200; Total $380. Required: a.) Allocate the total joint costs to the different products according to the four allocation methods. Treat chaff as a main product. b.) Allocate the total joint costs to the different products according to the four allocation methods. Treat chaff as a by-product.
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Shipping costs for fish that is ordered by the restaurant are a mixed cost with variable and fixed cost components. Records indicate the Fish Company shipped 7,200 tons of halibut for $6,000 in May and 8,200 tons for $6,800 in June. What would be the expected shipping cost for shipping 8,000? $6,440 $9,750 $6,640 $6,200
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