Please do not give solution in image format thank you Bonita Dairy has four product lines: sour cream, ice cream, yogurt, and butter. The total costs of producing the milk basefor the products is $53500 which has been allocated based on litres of milk base used by each product. Results of Julyfollow:Units soldRevenue$7100Variable departmental costs 3500Fixed costs4700Net income (loss)($1100)$32000$13500Sour Cream Ice Cream Yogurt Butter1680720530$53500How much are total joint costs of the products?$14100$147009800900$4000Total4700 7630$12500 $25300 $596006800 11900 320001500 640013500$4200 $7000$14100

Joint cost is the cost incurred in a process where the yeild is multiple outputs for one input . It…

Answered: 1680 $7100 epartmental costs 3500 720…

Business

Accounting

1680 $7100 epartmental costs 3500 720 4700 7630 $14700 $12500 $25300 $5960 11900 3200 9800 530 6800

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Please do not give solution in image format thank you

Bonita Dairy has four product lines: sour cream, ice cream, yogurt, and butter. The total costs of producing the milk base
for the products is $53500 which has been allocated based on litres of milk base used by each product. Results of July
follow:
Units sold
Revenue
$7100
Variable departmental costs 3500
Fixed costs
4700
Net income (loss)
($1100)
$32000
$13500
Sour Cream Ice Cream Yogurt Butter
1680
720
530
$53500
How much are total joint costs of the products?
$14100
$14700
9800
900
$4000
Total
4700 7630
$12500 $25300 $59600
6800 11900 32000
1500 6400
13500
$4200 $7000
$14100

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