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Windsor Inc. is in the corn-milling industry but to date has had only enough manufacturing space for one joint process. Windsor refers to its two products as prime products and by-products. There is a market for both products, but, as the names imply, the prime products are what Windsor got into business to sell, as the prime products' sales price far exceeds that of the by-products. In a typical production run, which costs $66,000, Windsor Inc. produces the following products, which can be sold at the prices shown.

Windsor Inc. is in the corn-milling industry but to date has had only enough manufacturing space for one joint process. Windsor refers to its two products as prime products and by-products. There is a market for both products, but, as the names imply, the prime products are what Windsor got into business to sell, as the prime products' sales price far exceeds that of the by-products. In a typical production run, which costs $66,000, Windsor Inc. produces the following products, which can be sold at the prices shown.

FINANCIAL ACCOUNTING
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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view roncies Show Attempt History Current Attempt in Progress Windsor Inc. is in the corn-milling industry but to date has had only enough manufacturing space for one joint process. Windsor refers to its two products as prime products and by-products. There is a market for both products, but, as the names imply, the prime products are what Windsor got into business to sell, as the prime products' sales price far exceeds that of the by-products. In a typical production run, which costs $66,000, Windsor Inc. produces the following products, which can be sold at the prices shown. Prime products By-products Quantity Produced Sales Price per Ton $50 $5 (a) 1,700 tons. 940 tons Because Windsor's customers (the corn processors) count on purchasing top-quality raw material from Windsor, it is important that the company maintains a steady amount of inventory. For this reason, Windsor never completely sells out of its products. For the current production run, managers plan to sell 80% of each product immediately, holding 20% in inventory to carry into the next period. Your answer is partially correct. Record the journal entries to recognize the completion of the products through the sale of both products if the production method is used to account for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit
Transcribed Image Text:view roncies Show Attempt History Current Attempt in Progress Windsor Inc. is in the corn-milling industry but to date has had only enough manufacturing space for one joint process. Windsor refers to its two products as prime products and by-products. There is a market for both products, but, as the names imply, the prime products are what Windsor got into business to sell, as the prime products' sales price far exceeds that of the by-products. In a typical production run, which costs $66,000, Windsor Inc. produces the following products, which can be sold at the prices shown. Prime products By-products Quantity Produced Sales Price per Ton $50 $5 (a) 1,700 tons. 940 tons Because Windsor's customers (the corn processors) count on purchasing top-quality raw material from Windsor, it is important that the company maintains a steady amount of inventory. For this reason, Windsor never completely sells out of its products. For the current production run, managers plan to sell 80% of each product immediately, holding 20% in inventory to carry into the next period. Your answer is partially correct. Record the journal entries to recognize the completion of the products through the sale of both products if the production method is used to account for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit
view roncies Show Attempt History Current Attempt in Progress Windsor Inc. is in the corn-milling industry but to date has had only enough manufacturing space for one joint process. Windsor refers to its two products as prime products and by-products. There is a market for both products, but, as the names imply, the prime products are what Windsor got into business to sell, as the prime products' sales price far exceeds that of the by-products. In a typical production run, which costs $66,000, Windsor Inc. produces the following products, which can be sold at the prices shown. Prime products By-products Quantity Produced Sales Price per Ton $50 $5 (a) 1,700 tons. 940 tons Because Windsor's customers (the corn processors) count on purchasing top-quality raw material from Windsor, it is important that the company maintains a steady amount of inventory. For this reason, Windsor never completely sells out of its products. For the current production run, managers plan to sell 80% of each product immediately, holding 20% in inventory to carry into the next period. Your answer is partially correct. Record the journal entries to recognize the completion of the products through the sale of both products if the production method is used to account for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit
Transcribed Image Text:view roncies Show Attempt History Current Attempt in Progress Windsor Inc. is in the corn-milling industry but to date has had only enough manufacturing space for one joint process. Windsor refers to its two products as prime products and by-products. There is a market for both products, but, as the names imply, the prime products are what Windsor got into business to sell, as the prime products' sales price far exceeds that of the by-products. In a typical production run, which costs $66,000, Windsor Inc. produces the following products, which can be sold at the prices shown. Prime products By-products Quantity Produced Sales Price per Ton $50 $5 (a) 1,700 tons. 940 tons Because Windsor's customers (the corn processors) count on purchasing top-quality raw material from Windsor, it is important that the company maintains a steady amount of inventory. For this reason, Windsor never completely sells out of its products. For the current production run, managers plan to sell 80% of each product immediately, holding 20% in inventory to carry into the next period. Your answer is partially correct. Record the journal entries to recognize the completion of the products through the sale of both products if the production method is used to account for by-products. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit
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