Buttertly Corp. manufactures products M1 and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for therevenues from its by-product sales as other income. Additional information follows:M1M2B1Units producedAllocated joint costsSales value at split-off $414, 000 $276, 00 s98, 000Total49, 700$388, 000$788, 00026, 80013, 8009, 100Required:Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated toproduct M1? (Do not round intermediate calculations.)Jont cont of product M1

Sales value of M1 at Split off $4,14,000 Sales value of M2 at Split off $2,76,000 Total sales…

Butterfly Corp. manufactures products MI and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for the revenues from its by-product sales as other income. Additional information follows: M1 26, 800 M2 Total 49, 700 $388, 000 $98, 000 5788, 000 81 Units produced Allocated joint costs Sales value at split-off $414, 000 $276, 00 13, 800 9, 100 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product M1? (Do not round intermediate calculations.) Joint cost of product M1

Butterfly Corp. manufactures products MI and M2 from a joint process, which also yields a by-product, B1. Butterfly accounts for the revenues from its by-product sales as other income. Additional information follows: M1 26, 800 M2 Total 49, 700 $388, 000 $98, 000 5788, 000 81 Units produced Allocated joint costs Sales value at split-off $414, 000 $276, 00 13, 800 9, 100 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product M1? (Do not round intermediate calculations.) Joint cost of product M1

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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