Gross margin as per production method and sales method of by-product accounting. Given information: Production of potato chips is 52,000 pounds Production of by-product is 8,500 pounds Sales of potato chips is 42,640 pounds Sales of by-product is 6,500 pounds Selling price per unit of potato chips is $16 per pound. Production of by-product is $10 per pound.

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Answer 1

Question

Chapter 16, Problem 16.24E

1.

To determine

Gross margin as per production method and sales method of by-product accounting.

Given information:

Production of potato chips is 52,000 pounds

Production of by-product is 8,500 pounds

Sales of potato chips is 42,640 pounds

Sales of by-product is 6,500 pounds

Selling price per unit of potato chips is $16 per pound.

Production of by-product is $10 per pound.

2.

To determine

To compute: Ending inventory of main product and by-product as per production method and sales method.

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Answer 2

Question

Chapter 16, Problem 16.24E

1.

To determine

Gross margin as per production method and sales method of by-product accounting.

Given information:

Production of potato chips is 52,000 pounds

Production of by-product is 8,500 pounds

Sales of potato chips is 42,640 pounds

Sales of by-product is 6,500 pounds

Selling price per unit of potato chips is $16 per pound.

Production of by-product is $10 per pound.

2.

To determine

To compute: Ending inventory of main product and by-product as per production method and sales method.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 16, Problem 16.24E

1.

To determine

Gross margin as per production method and sales method of by-product accounting.

Given information:

Production of potato chips is 52,000 pounds

Production of by-product is 8,500 pounds

Sales of potato chips is 42,640 pounds

Sales of by-product is 6,500 pounds

Selling price per unit of potato chips is $16 per pound.

Production of by-product is $10 per pound.

2.

To determine

To compute: Ending inventory of main product and by-product as per production method and sales method.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 16, Problem 16.24E

1.

To determine

Gross margin as per production method and sales method of by-product accounting.

Given information:

Production of potato chips is 52,000 pounds

Production of by-product is 8,500 pounds

Sales of potato chips is 42,640 pounds

Sales of by-product is 6,500 pounds

Selling price per unit of potato chips is $16 per pound.

Production of by-product is $10 per pound.

2.

To determine

To compute: Ending inventory of main product and by-product as per production method and sales method.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 16, Problem 16.24E

1.

To determine

Gross margin as per production method and sales method of by-product accounting.

Given information:

Production of potato chips is 52,000 pounds

Production of by-product is 8,500 pounds

Sales of potato chips is 42,640 pounds

Sales of by-product is 6,500 pounds

Selling price per unit of potato chips is $16 per pound.

Production of by-product is $10 per pound.

2.

To determine

To compute: Ending inventory of main product and by-product as per production method and sales method.

Answer 6

Chapter 16, Problem 16.24E

1.

To determine

Gross margin as per production method and sales method of by-product accounting.

Given information:

Production of potato chips is 52,000 pounds

Production of by-product is 8,500 pounds

Sales of potato chips is 42,640 pounds

Sales of by-product is 6,500 pounds

Selling price per unit of potato chips is $16 per pound.

Production of by-product is $10 per pound.

Answer 7

Chapter 16, Problem 16.24E

1.

To determine

Gross margin as per production method and sales method of by-product accounting.

Given information:

Production of potato chips is 52,000 pounds

Production of by-product is 8,500 pounds

Sales of potato chips is 42,640 pounds

Sales of by-product is 6,500 pounds

Selling price per unit of potato chips is $16 per pound.

Production of by-product is $10 per pound.

Answer 8

2.

To determine

To compute: Ending inventory of main product and by-product as per production method and sales method.

Answer 9

2.

To determine

To compute: Ending inventory of main product and by-product as per production method and sales method.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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...

To compute: Ending inventory of main product and by-product as per production method and sales method.

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Chapter 16 Solutions