J-M Company uses a joint process costing $15,000 to produce three main products. The company had no beginning inventory. Its current period operation data follow: Product S R Units Produced 500 450 300 Sales Value at Split-Off $5,000 6,000 9,000 Separable Sales Value After Further Processing $7,000 9,000 10,000 Costs $500 650 700 Units Sold 400 300 250

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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J-M Company uses a joint process costing $15,000 to produce three main products. The company had no beginning inventory. Its
current period operation data follow
Product
S
T
R
Units
Produced
500
450
300
O $803
O $1,134
O $907
O $1,009
Sales Value
at Solit-Off
$5,000
6,000
9,000
Separable Sales Value After
Further Processing
$7,000
9,000
10,000
Costs
$500
650
700
Units
Sold
400
300
250
If J-M uses the net realizable value method and performs further processing after the split-off point, what is the carrying value of the
ending inventory for product S? Note: the sales values above are based on units produced,
Transcribed Image Text:J-M Company uses a joint process costing $15,000 to produce three main products. The company had no beginning inventory. Its current period operation data follow Product S T R Units Produced 500 450 300 O $803 O $1,134 O $907 O $1,009 Sales Value at Solit-Off $5,000 6,000 9,000 Separable Sales Value After Further Processing $7,000 9,000 10,000 Costs $500 650 700 Units Sold 400 300 250 If J-M uses the net realizable value method and performs further processing after the split-off point, what is the carrying value of the ending inventory for product S? Note: the sales values above are based on units produced,
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