Joint Cost Allocation-Physical Units Method Medieval Blacksmith Co. produces two types of decorative swords, a broadsword and a longsword. The swords are made through a joint production process that ultimately produces 30 broadswords and 20 longswords and costs a total of $4,100 per batch. After the split-off point, each type of sword goes through an additional crafting process before it is sold. The additional production process of the broadsword costs $30 per sword, after which it is sold for $170 per sword. The additional production process of the longsword costs $32 per sword, after which it is sold for $152 per sword. Determine the amount of joint production costs allocated to each type of sword using the physical units method. Joint Product Broadsword Longsword Totals Allocation $ X Joint Cost Allocation-Weighted Average Method Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like walnut wood and another with a casing made with a polymer that looks like red oak. The casings are made through a joint production molding process that produces 294 red oak casings and 252 walnut casings at the split-off point. The polymer for the red oak casings requires twice as much cooling time as the polymer for the walnut casings, although all casings are removed from the joint molding process at the same time (i.e., once the cooling for the red oak casings is complete). The joint production process costs a total of $5,000. Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of casing using the weighted average method. Joint Product Red oak casing Walnut casing Totals Allocation $
Joint Cost Allocation-Physical Units Method Medieval Blacksmith Co. produces two types of decorative swords, a broadsword and a longsword. The swords are made through a joint production process that ultimately produces 30 broadswords and 20 longswords and costs a total of $4,100 per batch. After the split-off point, each type of sword goes through an additional crafting process before it is sold. The additional production process of the broadsword costs $30 per sword, after which it is sold for $170 per sword. The additional production process of the longsword costs $32 per sword, after which it is sold for $152 per sword. Determine the amount of joint production costs allocated to each type of sword using the physical units method. Joint Product Broadsword Longsword Totals Allocation $ X Joint Cost Allocation-Weighted Average Method Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like walnut wood and another with a casing made with a polymer that looks like red oak. The casings are made through a joint production molding process that produces 294 red oak casings and 252 walnut casings at the split-off point. The polymer for the red oak casings requires twice as much cooling time as the polymer for the walnut casings, although all casings are removed from the joint molding process at the same time (i.e., once the cooling for the red oak casings is complete). The joint production process costs a total of $5,000. Assuming the company allocates joint costs using the weighted average method based on the required cooling time of the two joint products, determine the amount of joint production costs allocated to each type of casing using the weighted average method. Joint Product Red oak casing Walnut casing Totals Allocation $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Joint Cost Allocation-Physical Units Method
Medieval Blacksmith Co. produces two types of decorative swords, a broadsword and a longsword. The swords
are made through a joint production process that ultimately produces 30 broadswords and 20 longswords and
costs a total of $4,100 per batch. After the split-off point, each type of sword goes through an additional
crafting process before it is sold. The additional production process of the broadsword costs $30 per sword,
after which it is sold for $170 per sword. The additional production process of the longsword costs $32 per
sword, after which it is sold for $152 per sword.
Determine the amount of joint production costs allocated to each type of sword using the physical units
method.
Joint Product
Broadsword
Longsword
Totals
Allocation
$
X
Transcribed Image Text:Joint Cost Allocation-Weighted
Average Method
Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a
polymer that looks like walnut wood and another with a casing made with a polymer that looks like red oak.
The casings are made through a joint production molding process that produces 294 red oak casings and 252
walnut casings at the split-off point. The polymer for the red oak casings requires twice as much cooling time
as the polymer for the walnut casings, although all casings are removed from the joint molding process at the
same time (i.e., once the cooling for the red oak casings is complete). The joint production process costs a
total of $5,000.
Assuming the company allocates joint costs using the weighted average method based on the required cooling
time of the two joint products, determine the amount of joint production costs allocated to each type of casing
using the weighted average method.
Joint Product
Red oak casing
Walnut casing
Totals
Allocation
$
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