Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3)Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs inMay were $564,000. Additional information follows:ProductChem-1Chem-2Chem-3Chem-4UnitsProducedProductChem-1Chem-2Chem-3Chem-4302,000190,000206,000158,000856,000NRV at Split-OffIf Processed FurtherSales Value at AdditionalSplit-OffCosts$ 234,000278,000163,600260,400$ 936,000Required:Barrett Chemicals uses the net realizable value 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 CostsAllocated$ 34,10030,80026,30027,700$ 118,900Sales Values$ 274,000304,000194,000284,000$ 1,056,000‒‒‒

Joint cost :— It is the cost incurred jointly in the manufacturing of joint products during the…

Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) 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 302,000 190,000 206,000 158,000 856,000 Product Chem-1 Chem-2 Chem-3 Chem-4 NRV at Split- Off Sales Value at Additional Costs Split-Off $ 234,000 278,000 163,600 260,400 $ 936,000 If Processed Further 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. Joint Costs Allocated Sales Values $ 274,000 304,000 194,000 284,000 $ 34,100 30,800 26,300 27,700 $ 118,900 $ 1,056,000

Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) 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 302,000 190,000 206,000 158,000 856,000 Product Chem-1 Chem-2 Chem-3 Chem-4 NRV at Split- Off Sales Value at Additional Costs Split-Off $ 234,000 278,000 163,600 260,400 $ 936,000 If Processed Further 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. Joint Costs Allocated Sales Values $ 274,000 304,000 194,000 284,000 $ 34,100 30,800 26,300 27,700 $ 118,900 $ 1,056,000

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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Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) 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: If Processed Further Sales Value at Additional Product Chem-1 Chem-2 Units Produced 291,000 Split-Off Costs Sales Values $ 223,000 $ 33,000 $ 263,000 179,000 Chem-3 195,000 Chem-4 147,000 812,000 267,000 152,600 249,400 29,700 293,000 25,200 183,000 26,600 273,000 $ 892,000 $ 114,500 $ 1,012,000 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
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