Kingbird Group provides many of the laminated products that teachers use in their classrooms. Kingbird management considers thecompany to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in itsproduction of plastic tableware. To date, Kingbird has treated these cut-outs as a by-product, since it receives a small value for theitems upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process thatcosts $1,900, are as follows. Both products are sold at the split-off point and not processed further All sales are on account.Main laminated productsSmall cut outs(a)Units Produced2,2006001.Record the journal entries for the following transactions for Kingbird under the sales method of accounting for by products(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry for the account titles and enter O for the amounts List all debit entries before credit entries)1. The completion of all products (main product and by-product)2. The sale of all the main product.3. The sale of all the by-productNo. Account Titles and ExplanationSales Value per Unit$2050DebitCredit Record the journal entries for the following transactions for Kingbird under the sales method of accounting for by-products(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry for the account titles and enter O for the amounts. List all debit entries before credit entries)1. The completion of all products (main product and by-product)2. The sale of all the main product3. The sale of all the by-productNo. Account Titles and Explanation1.2.3.(To record sales)(To record cost of goods sold)DebitCredit

Lets understand the basics.When more than one product gets produced from the one process then all…

Kingbird Group provides many of the laminated products that teachers une in their classrooms Kingbind management considers the company to also be quite green as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware To date, Kingbird has treated these cut-outs as a by product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,900, are as follows. Both products are sold at the spile-off point and not processed further All sales are on account. Main laminated products Small cut outs Units Produced 2.200 600 Sales Value per Unit $2 050

Kingbird Group provides many of the laminated products that teachers une in their classrooms Kingbind management considers the company to also be quite green as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware To date, Kingbird has treated these cut-outs as a by product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,900, are as follows. Both products are sold at the spile-off point and not processed further All sales are on account. Main laminated products Small cut outs Units Produced 2.200 600 Sales Value per Unit $2 050

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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