Homework Help is Here – Start Your Trial Now!
Business
Accounting
By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $312,400. Product Pounds Produced Separate Cost Final Selling Price Fillet Smoked Remnants 39,600 44,000 4,400 $3.00 5.20 0.30 $16.00 13.00 1.50 a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. Fillet $ 184,272 Smoked 122,848 Total $ 307,120 b. Determine the value of ending Finished Goods Inventory, assuming that 8,800 pounds of salmon fillets, 5,280 pounds of smoked salmon, and 770 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants $ 67,320 x 42,187 x 924 x 110,431 x Total inventory value $

By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $312,400. Product Pounds Produced Separate Cost Final Selling Price Fillet Smoked Remnants 39,600 44,000 4,400 $3.00 5.20 0.30 $16.00 13.00 1.50 a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. Fillet $ 184,272 Smoked 122,848 Total $ 307,120 b. Determine the value of ending Finished Goods Inventory, assuming that 8,800 pounds of salmon fillets, 5,280 pounds of smoked salmon, and 770 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants $ 67,320 x 42,187 x 924 x 110,431 x Total inventory value $

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 13E: Computing joint costssales value at split-off and net realizable value methods D.L. Manufacturing...
See similar textbooks
icon
Related questions
Question
By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $312,400. Product Pounds Produced Separate Cost Final Selling Price Fillet Smoked Remnants 39,600 44,000 4,400 $3.00 5.20 0.30 $16.00 13.00 1.50 a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. Fillet $ 184,272 Smoked 122,848 Total $ 307,120 b. Determine the value of ending Finished Goods Inventory, assuming that 8,800 pounds of salmon fillets, 5,280 pounds of smoked salmon, and 770 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants $ 67,320 x 42,187 x 924 x 110,431 x Total inventory value $
Transcribed Image Text:By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $312,400. Product Pounds Produced Separate Cost Final Selling Price Fillet Smoked Remnants 39,600 44,000 4,400 $3.00 5.20 0.30 $16.00 13.00 1.50 a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. Fillet $ 184,272 Smoked 122,848 Total $ 307,120 b. Determine the value of ending Finished Goods Inventory, assuming that 8,800 pounds of salmon fillets, 5,280 pounds of smoked salmon, and 770 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants $ 67,320 x 42,187 x 924 x 110,431 x Total inventory value $
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS