The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

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Answer 1

Question

Chapter 16, Problem 16.33P

1.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

2.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

3.

To determine

To explain: The difference between the two methods of accounting for by-products.

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The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6 Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of 25%) purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise with a list price of $236,000 to customers who used VISA and who redeemed $8,000 of pointof- sale coupons. The cost…

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Answer 2

Question

Chapter 16, Problem 16.33P

1.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

2.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

3.

To determine

To explain: The difference between the two methods of accounting for by-products.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 16, Problem 16.33P

1.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

2.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

3.

To determine

To explain: The difference between the two methods of accounting for by-products.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 16, Problem 16.33P

1.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

2.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

3.

To determine

To explain: The difference between the two methods of accounting for by-products.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 16, Problem 16.33P

1.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

2.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

3.

To determine

To explain: The difference between the two methods of accounting for by-products.

Answer 6

Chapter 16, Problem 16.33P

1.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

Answer 7

Chapter 16, Problem 16.33P

1.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

Answer 8

2.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

Answer 9

2.

To determine

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

Answer 10

3.

To determine

To explain: The difference between the two methods of accounting for by-products.

Answer 11

3.

To determine

To explain: The difference between the two methods of accounting for by-products.

Answer 12

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Answer 13

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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...

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

The allocation of joint costs to floor mats and car mats using the sales value at split off by production method and the ending inventory cost for each product.

The allocation of joint costs to floor mats and car mats using the sales value at split off by sales method.

To explain: The difference between the two methods of accounting for by-products.

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