FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
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:
Sales Value at
Split-Off
$ 212,800
If Processed Further
Additional
Costs
393,600
172,500
Product
Chem-1
Units Produced
Sales Values
280,000
$ 30,800
$ 252,000
Chem-2
240,000
38,400
Chem-3
184,000
22,080
Chem-4
96,000
800,000
17,280
180,000
$ 879,520
$ 108,560
$ 998,100
360,000
143,520
163,200
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
expand button
Transcribed Image Text: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: Sales Value at Split-Off $ 212,800 If Processed Further Additional Costs 393,600 172,500 Product Chem-1 Units Produced Sales Values 280,000 $ 30,800 $ 252,000 Chem-2 240,000 38,400 Chem-3 184,000 22,080 Chem-4 96,000 800,000 17,280 180,000 $ 879,520 $ 108,560 $ 998,100 360,000 143,520 163,200 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
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education