Choice Chioren grows and processes chioens. Each chicken is disassembled into five main parts. Information Aspecial shipment of 60 pounds of breasts and 15 pounds of wings has been destroyed in a fre Choice Chices insurance policy provides reimbursement for the cost of the tems destroyed The insurance company permts Choice Chicken to use a joint-cost-alocation method. The spitof point is assumed to be at the end of he production process. Read the ta M (Cick the icon to view the intormation) Joint cost of production in aay 2020 was S50 Requirement ta. Compute the cost of the special shipment destroyed using the sales value at spitot method Complete the tabie below to assist you. (Round the weighting to three decimal places and the alocated costs per pound to four decimal places. Round al other amounts to the nearest cent) Breast Wings Thighs lones Feathers Total Pounds of product 100 20 30 45 Wholesae seing price per pound 045 025 035 0 05 S 0.05 Requirements Sales value at spitot Weighting Se value 1. Compute the cost of the special shpment detroyed using the folowing A Sales value at spitot method D. Physicalmeasure method poundi of tnshed product 2. What joint-cost-alocation method would you recommend Choice Chicken use? Expiain at spito Joint costs alocated Alocated costs per pound Print Done

K Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for distribution to its retail sales department. Direct materials are added at the initiation of the cycle. Conversion costs are incurred evenly throughout the production cycle. Before inspection, some fillets are spoiled due to undetectable defects. Spoiled fillets generally constitute 4% of the good fillets. Data for April 2017 are as follows: 90,000 fillets WIP, beginning inventory 4/1/2017 Direct materials (100% complete) Conversion costs (50% complete) Started during April Completed and transferred out 4/30/2017 WIP, ending inventory 4/30/2017 Direct materials (100% complete) Conversion costs (25% complete) Costs for April: WIP, beginning Inventory: Direct materials Conversion costs Direct materials added Conversion costs added 135,000 fillets 189,000 fillets 26,000 fillets $135,000 100,910 303,000 388,130 What is the amount of direct materials and…

Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 2020 follows: (Click the icon to view the information.) Joint cost of production in July 2020 was $50. Data table Parts Breasts Wings Thighs Bones Feathers Pounds of Wholesale Selling Price per Pound Product When Production is Complete 100 $ 20 40 80 10 Print Done 0.55 0.20 0.35 0.10 0.05 X A special shipment of 40 pounds of breasts and 15 pounds of wings has been destroyed in a fire. Quality Chicken's insurance policy provides reimbursement for the cost of the items destroyed. The insurance company permits Quality Chicken to use a joint-cost-allocation method. The splitoff point is assumed to be at the end of the production process. Read the requirements. Requirements 1. Compute the cost of the special shipment destroyed using the following: a. Sales value at splitoff method b. Physical-measure method (pounds of finished product) 2. What…

The Atlanta Company processes unprocessed goat milk up to the split-off point where two products, condensed goat milk and skim goat milk result. Total cost of purchasing and processing 120,000 gallons of goat milk in Joint Process was $144,000 which resulted into 35,640 gallons of goat milk and 72,360 gallons of skim goat milk (the remaining materials was shrinkage). Additional shrinkage occurred during additional processing as follows:Condensed 35,640 gallons of goat milk is processed further at $3.60 per gallon to yield 33,600 gallons of a medicinal milk product, called Xyla (the remainder is shrinkage).  Xyla can be sold for $21.60 per gallon. The 72,360 gallons of Skim goat milk can be processed further at $2.40 per gallon to yield 64,800 gallons of skim goat ice cream. Each gallon of skim goat ice cream can be sold for $14.40 per gallon. The following information was collected for the month of March:  Products Quantity yield at split off Additional processing cost per…

Let's start with the joint cleaning and separation process, which allows for the cotton seed and the lint to be separately identifiable. The following quantities of cotton seed and lint were produced for a total cost (including the raw cotton and processing costs) of $232,000. 435,000 pounds of cotton seed 315,000 pounds of lint (fiber) Both of these products can be sold at this point, or they can be processed further. In their present state, they're worth: $0.13 per pound for cotton seed $0.75 per pound for lint This particular company presses the cotton seed to make oil and uses the lint to make thread. The additional costs and processes generate higher sales values for the final products, as follows. Seed/Oil Lint/Thread Additional cost $21,000 $79,200 Final sales value $84,000 $335,000 (a) (b) Allocate the joint process costs using the NRV method. (Round proportion to 3 decimal places, e.g. 0.251 and final answers to O decimal places, e.g. 5,125.) Share of joint cost $ Seed $ Lint

Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Mining Plant A Plant B Labor $ 470,000 $ 406,000 $ 278,000 Manufacturing overhead $ 386,000 $ 338,800 $ 134,000 Products Metal-A Metal-B Metal-C Units sold 224,000 176,000 76,000 Units in ending inventory (December 31) 76,000 0 64,000 Sales revenue $ 1,120,000 $ 584,000 $ 190,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs.   Required: Compute the following: The net realizable value of Metal-C for the period ended December…

Dura-Conduit Corporation manufactures plastic conduit that is used in the cable industry.A conduit is a tube that encircles and protects the underground cable. In the process for making the plastic conduit, called extrnsio11, the melted plastic (resin) is pressed through a die to form a tube.Scrap is produced in this process.   Information from the cost of production reports for three months is as follows, assuming that inventory remains constant: Assume that there is one-half pound of 1·esin per foot of the finished product.   Determine the resin materials cost per foot of finished product for each Round to the nearest whole cent. Determine the ratio of the number of resin pounds output in conduit by the number of pounds input into the process for each month. Round percentages to one decimal pl   Interpret the resin materials cost per foot for the three months.Use the information in (a) and (b) to explain what is happening. Determine the conversion cost per foot of finished product…

Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established:   1 Direct materials (2.8 lbs. @ $0.80) $2.24 2 Direct labor (0.80 hr. @ $7.2) 5.76 3 Standard prime cost $8.00       During the year, 103,700 pounds of material were purchased and used for the changeover activity. There were 34,000 batches produced, with the following actual prime costs: Direct materials $66,622 Direct labor (for 27,143 hrs.) $192,111     Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry. 2. Prepare a journal entry on Dec. 31 for the issuance of raw materials. Record the transaction as a compound entry. 3. Prepare a journal entry…

Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities:   Beginning work in process inventory 4,500 items, 1/4 complete with regards to conversion costs Units placed in production 15,000 units Units completed 17,500 units Ending work in process inventory 2,000 items, 3/4 complete with regards to conversion costs     Cost of beginning work in process $5,250 Direct material costs, current $16,500 Conversion costs, current $23,945 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process.   Prepare a production cost worksheet using the FIFO method

Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established:   1 Direct materials (2.4 lbs. @ $0.95) $2.28 2 Direct labor (0.75 hr. @ $7.40) 5.55 3 Standard prime cost $7.83       During the year, 79,500 pounds of material were purchased and used for the changeover activity. There were 30,000 batches produced, with the following actual prime costs: Direct materials $ 63,000 Direct labor (for 22,450 hrs.) $163,385     Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry. 2. Prepare a journal entry on Dec. 31 for the issuance of raw materials. Record the transaction as a compound entry. 3. Prepare a journal entry…