Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

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Answer 1

Question

Chapter 7, Problem 43P

1.

To determine

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

2.

To determine

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

3.

To determine

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

4.

To determine

Analyze the effect of processing further the Residential building lumber.

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Question-38 From what base amount is salvage value deducted when calculating depreciation? a) Market value of asset b) Historical cost of asset c) Replacement cost d) Insurance value

a. A two-year insurance premium of $6,200 was paid on January 1, 2021, for coverage beginning on that date. As of December 31, 2021, the unadjusted balances were $6,200 for Prepaid Insurance and $0 for Insurance Expense. b. At December 31, 2021, you obtained the following data relating to supplies. Unadjusted balance in Supplies on December 31 Unadjusted balance in Supplies Expense on December 31 Supplies on hand, counted on December 31 Required: $ 10,000 62,000 6,000 1. Of the $6,200 paid for insurance, what amount should be reported on the 2021 income statement as Insurance Expense? What amount should be reported on the December 31, 2021, balance sheet as Prepaid Insurance? 2. What amount should be reported on the 2021 income statement as Supplies Expense? What amount should be reported on the December 31, 2021, balance sheet as Supplies? 3. Indicate the accounting equation effects of the adjustment required for (a) insurance and (b) supplies. Complete this question by entering your…

Answer 2

Question

Chapter 7, Problem 43P

1.

To determine

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

2.

To determine

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

3.

To determine

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

4.

To determine

Analyze the effect of processing further the Residential building lumber.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 7, Problem 43P

1.

To determine

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

2.

To determine

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

3.

To determine

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

4.

To determine

Analyze the effect of processing further the Residential building lumber.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem 43P

1.

To determine

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

2.

To determine

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

3.

To determine

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

4.

To determine

Analyze the effect of processing further the Residential building lumber.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem 43P

1.

To determine

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

2.

To determine

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

3.

To determine

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

4.

To determine

Analyze the effect of processing further the Residential building lumber.

Answer 6

Chapter 7, Problem 43P

1.

To determine

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

Answer 7

Chapter 7, Problem 43P

1.

To determine

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

Answer 8

2.

To determine

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

Answer 9

2.

To determine

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

Answer 10

3.

To determine

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

Answer 11

3.

To determine

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

Answer 12

4.

To determine

Analyze the effect of processing further the Residential building lumber.

Answer 13

4.

To determine

Analyze the effect of processing further the Residential building lumber.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 7 - Prob. 1Q Ch. 7 - Explain the difference between joint products and...Ch. 7 - Prob. 3Q Ch. 7 - What are the three methods of departmental cost...Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - What are the limitations of joint product and...Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

Ascertain the joint cost to be allocated to the commercial building lumber (CBL) based on the physical measure method.

Ascertain the joint cost to be allocated to the residential building lumber (RBL) based on the sales value at split-off method.

Ascertain the completion costs to be allocated to the commercial building lumber (CBL) based on the net realizable value method.

Analyze the effect of processing further the Residential building lumber.

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Chapter 7 Solutions