Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs inMay were $590,000. Additional Information follows:Sales Value atSplit-Off$ 212,800If Processed FurtherAdditionalCosts393,600172,500ProductChem-1Units ProducedSales Values280,000$ 30,800$ 252,000Chem-2240,00038,400Chem-3184,00022,080Chem-496,000800,00017,280180,000$ 879,520$ 108,560$ 998,100360,000143,520163,200Required:Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product inMay?Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts.Joint CostsAllocatedProductChem-1Chem-2Chem-3Chem-4

The overhead costs include all the indirect costs of production. The joint costs are the costs that…

Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $590,000. Additional Information follows: If Processed Further Additional Costs Product Units Produced Chem-1 280,000 Chem-2 240,000 Sales Value at Split-Off $212,800 360,000 Sales Values $ 30,800 Chem-3 184,000 143,520 22,080 38,400 $ 252,000 393,600 172,500 Chem-4 96,000 800,000 163,200 17,280 180,000 $ 879,520 $108,560 $ 998,100 Required: Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Joint Costs Allocated Product Chem-1 Chem-2 Chem-3 Chem-4

Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $590,000. Additional Information follows: If Processed Further Additional Costs Product Units Produced Chem-1 280,000 Chem-2 240,000 Sales Value at Split-Off $212,800 360,000 Sales Values $ 30,800 Chem-3 184,000 143,520 22,080 38,400 $ 252,000 393,600 172,500 Chem-4 96,000 800,000 163,200 17,280 180,000 $ 879,520 $108,560 $ 998,100 Required: Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Joint Costs Allocated Product Chem-1 Chem-2 Chem-3 Chem-4

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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BSBA Company produced two joint products A and B, and by-products C and D from the same raw materials with joint costs P200,000, Other information are as follows: Units produced (20.000; 30,000; 5.000 and 5.000): Unit sold (18.000; 25,000: 5,000 and 5.000): Final unit selling prices (P25.00: P20.00; P2.00 and P1.50): Further processing costs (P150,000: P210,00O; P5,000 and P4,000): Selling and Administrative expenses (P15.000; P21,000; P500 and P400): Desired profit on C and D (P2.000 and P1.500). If the entity uses average unit costs method in joint products and the reversal costs method in by products, what is the total unit cost of Product B?* P10.42 P10.49 P10.92 P11.00
Deming & Sons manufactures four grades of lubricant, W-10, W-20, W-30, and W-40, from a joint process. Additional information follows. Units Product Produced 54,600 39,000 W-10 W-20 W-30 W-40 Product 31, 200 31, 200 156,000 W-10 W-20 W-30 W-40 Sales Value at Split-Off $324,000 279,000 189,000 144,000 $936,000 Required: Assuming that total joint costs of $327,600 were allocated using the physical quantities method, what joint costs were allocated to each product? (Do not round intermediate calculations.) Joint Costs Allocated If Processed Further S 114,300 $ 91,800 $ 73,800 $ 73,800 Additional Costs $ 35,000 27,900 18,900 11,700 $ 93,500 Sales Values $ 355,000 324,000 234,000 156,000 $1,069,000
Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: 281,000 If Processed Further Additional Costs $ 34,400 31,100 Sales Values $ 277,000 307,000 Product Chem-1 Units Produced 305,000 Sales Value at Split-Off $ 237,000 Chem-2 193,000 Chem-3 209,000 Chem-4 161,000 166,600 263,400 26,600 28,000 197,000 287,000 868,000 $ 948,000 $ 120,100 $ 1,068,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Product NRV at Split- Off Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4
Company produced joint products M, N and O from same raw materials with total joint costs P35,000. Other data are as follows: Quantity Produced in units (1,500; 2,500; 1,000); Unit Market value at split-off (P6; P10; P8); Final unit selling price (P10, P12, P15); Additional costs after split off (P3,000; P2,000; P5,000); Quantity Sold (1,200; 2,000; 800). Using the average unit cost method, what is the unit cost of Product M? P 7.80 P12.00 P 9.00 P 7.00
Company produced joint products M, N and O from same raw materials with total joint costs P35,000. Other data are as follows: Quantity Produced in units (1,500; 2,500; 1,000); Unit Market value at split-off (P6; P10; P8); Final unit selling price (P10, P12, P15); Additional costs after split off (P3,000; P2,000; P5,000); Quantity Sold (1,200; 2,000; 800). Using the market value at split-off method, what is the unit cost of Product O? P11.67 P 9.13 P 7.00 P 7.80
Atkinson, Inc., manufactures products A, B, and C from a common process. Joint costs were $154,680. Additional information is as follows: If Processed Further Product UnitsProduced Sales Value at Split-Off Sales Value Additional Costs A 7,110 $ 46,660 $ 64,435 $ 4,740 B 8,150 70,905 91,280 12,225 C 4,075 48,900 61,125 16,300 19,335 $ 166,465 $ 216,840 $ 33,265 Assuming that joint product costs are allocated using the net realizable value method, what were the total costs assigned to Product B? Multiple Choice $78,110. $77,906. $77,110. $79,396.
Sharpest Ltd produces three products (A, B and C) and one by-product (D) in its joint process. The following information relates to production at the end of the current month: Product Units produced Sales value at split off Further processing costs Final sales value A 13000 R18 R24 R3 B 18000 R28 N/A R28 C 22000 R26 N/A R26 D 4500 R1.5 R1 R4 If the total cost of the joint process was R286000 and the sales value at split off method is used by Sharpest Ltd to apportion the costs, calculate the total costs attributable to product A. a. R48675.57 b. R50825.14 c. R50283.21 d. R47268.35 e. R55146.40
The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, incurring separable processing costs. There is a $1,500 disposal cost for the by- product. A summary of a recent month's activity at Marshall is shown below: Ying 75,000 75,000 $ 210,000 $ 15,000 $ 6.00 Total joint costs for Marshall in the recent month are $211,000, of which $90,730 is a variable cost. Units sold Units produced Separable processing costs-variable Separable processing costs-fixed Sales price Manufacturing cost per unit Total gross margin Yang 60,000 60,000 $ 65,000 $ 10,000 $ 12.50 Required: 1. Calculate the manufacturing cost per unit for each of the three products. (Round manufacturing cost per unit answers to 2 decimal places.) 2. Calculate the total…
BSBA Company produced two joint products A and B, and by-products C and D from the same raw materials with joint costs P200.000. Other information are as follows: Units produced (20,000: 30.000: 5.000 and 5,000): Unit sold (18,000; 25.000; 5,000 and 5,000): Final unit selling prices (P25.00; P20.00: P2.00 and P1.50); Further processing costs (P150.000: P210.000: P5,000 and P4,000); Selling and Administrative expenses (P15,000: P21.000: P500 and P400): Desired profit on C and D (P2.000 and P1.500). If the entity uses average unit costs method in joint products, the reversal costs method in by products and there are no inventory on hand, what is the total net profit? P432,836 O P438,300 P438,589 P439,026
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Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: Product Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 288,000 176,000 192,000 144,000 800,000 Chem-1 Chem-2 Chem-3 If Processed Further Required: Which, if any, of the four products would you recommend Barrett Chemicals sell at split-off (and not process further)? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. Chem-4 Sales Value at Additional Split-Off Costs $ 220,000 264,000 149,600 246,400 $ 880,000 $ 32,700 29,400 24,900 26,300 $ 113,300 Sales Values $ 260,000 290,000 180,000 270,000 $ 1,000,000 h
Chem Manufacturing Company processes direct materials up to the splitoff point where two products (X and Y) are obtained and sold. The following information was collected for the month of November: Production: X 3000 gallons, Y 2000 gallons . Sales: X 2600 at $15 per gallon ,Y 1700 at $10 per gallon. The joint cost was $20000. No beginning inventories of X and Y. --- Using the physical-volume method, joint cost allocated for X : Select one: O a. $20000 O b. $8000 c. $12000 O d. $10000