Cost of inventories and cost of goods sold for the year 2014. Given information: Total joint manufacturing cost for the year is $580,000. Additional cost is $200,000. On hand inventories for X are 132, Y is 120 and Z is 28 tons.

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Answer 1

Question

Chapter 16, Problem 16.20E

1.

a.

To determine

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.

b.

To determine

To compute: Cost of inventories and cost of goods sold.

2.

To determine

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

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Answer 2

Question

Chapter 16, Problem 16.20E

1.

a.

To determine

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.

b.

To determine

To compute: Cost of inventories and cost of goods sold.

2.

To determine

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 16, Problem 16.20E

1.

a.

To determine

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.

b.

To determine

To compute: Cost of inventories and cost of goods sold.

2.

To determine

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 16, Problem 16.20E

1.

a.

To determine

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.

b.

To determine

To compute: Cost of inventories and cost of goods sold.

2.

To determine

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 16, Problem 16.20E

1.

a.

To determine

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.

b.

To determine

To compute: Cost of inventories and cost of goods sold.

2.

To determine

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

Answer 6

Chapter 16, Problem 16.20E

1.

a.

To determine

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.

Answer 7

Chapter 16, Problem 16.20E

1.

a.

To determine

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.

Answer 8

b.

To determine

To compute: Cost of inventories and cost of goods sold.

Answer 9

b.

To determine

To compute: Cost of inventories and cost of goods sold.

Answer 10

2.

To determine

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

Answer 11

2.

To determine

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 16 - Give two examples of industries in which joint...Ch. 16 - What is a joint cost? What is a separable cost?Ch. 16 - Distinguish between a joint product and a...Ch. 16 - Why might the number of products in a joint-cost...Ch. 16 - Provide three reasons for allocating joint costs...Ch. 16 - Why does the sales value at splitoff method use...Ch. 16 - Prob. 16.7Q Ch. 16 - Distinguish between the sales value at splitoff...Ch. 16 - Give two limitations of the physical-measure...Ch. 16 - How might a company simplify its use of the NRV...

Cost of inventories and cost of goods sold for the year 2014. Given information: Total joint manufacturing cost for the year is $580,000. Additional cost is $200,000. On hand inventories for X are 132, Y is 120 and Z is 28 tons.

To compute: Cost of inventories and cost of goods sold for the year 2014. Given information: Total joint manufacturing cost for the year is $580,000. Additional cost is $200,000. On hand inventories for X are 132, Y is 120 and Z is 28 tons.

To compute: Cost of inventories and cost of goods sold.

To compute: Comparison of gross-margin percentages for X, Y and Z as per NRV method and constant gross margin percentage under NRV method.

Want to see the full answer?

Chapter 16 Solutions

To compute: Cost of inventories and cost of goods sold for the year 2014.

Given information:

Total joint manufacturing cost for the year is $580,000.

Additional cost is $200,000.

On hand inventories for X are 132, Y is 120 and Z is 28 tons.