A dairy operation processes raw milk into two main products: skim milk and cream. Both of these products are salable at the end of the joint process, worth $13,000 and $24,000, respectively. The skim milk can be further processed at a cost of $7,830 in order to yield sweetened condensed milk. This final product can be sold for $24,000. The cream can also be processed further, at a cost of $10,170, in order to generate butter, which is worth $43,000. If the joint process costs are $21,000, how much of the joint cost will be allocated to each product under the NRV method? (Round proportion to 2 decimal places, e.g. 0.25 and final answers to O decimal places, e.g. 5,125.) Allocated joint costs Skim Milk Cream

A dairy operation processes raw milk into two main products: skim milk and cream. Both of these products are salable at the end of the joint process, worth $13,000 and $24,000, respectively. The skim milk can be further processed at a cost of $7,830 in order to yield sweetened condensed milk. This final product can be sold for $24,000. The cream can also be processed further, at a cost of $10,170, in order to generate butter, which is worth $43,000. If the joint process costs are $21,000, how much of the joint cost will be allocated to each product under the NRV method? (Round proportion to 2 decimal places, e.g. 0.25 and final answers to O decimal places, e.g. 5,125.) Allocated joint costs Skim Milk Cream

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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