Landmark Coal operates a mine. During July, the company obtained 500 tons of ore, which yielded 250 pounds of gold and 63, 400 pounds of copper. The joint cost related to the operation was $500,000. Gold sells for $325 per ounce and copper sells for $0.89 per pound. Allocate the joint costs using the relative sales values. With these costs, what is the profit or loss associated with Copper? Round to two decimal places.

Landmark Coal operates a mine. During July, the company obtained 500 tons of ore, which yielded 250 pounds of gold and 63, 400 pounds of copper. The joint cost related to the operation was $500,000. Gold sells for $325 per ounce and copper sells for $0.89 per pound. Allocate the joint costs using the relative sales values. With these costs, what is the profit or loss associated with Copper? Round to two decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Diggun Limited operates a mining company. For the last operating cycle, the company reports $15,752,325 in sales, and total expenses for the period of $12,335,461. Fixed cost allocated to the month are $2,460,144. Compute the company's dgeree of operating leverage. Round your answer to two decimal places.
The Titan Company provides you with the following information for the current year: Revenues = $2,000,000Cost of goods sold = $750,000 (2/3 of this amount varies with the number of units produced)S&A costs = $200,000 (1/2 of this amount is fixed)Selling price = $40 per unit The company sold 50,000 units of their product in the current year. The company expects unit sales of their product to increase 20% in the next year. Based on the information above, what would be the expected increase to profit before taxes in the coming year?
Chinook Corporation sells a single product for $75 per unit. During the current year, Chinook reports sales revenues of $765,000, fixed costs of $252,000, and operating income of $207,000. What is Chinook's break-even point in terms of unit sales? Round to the nearest whole dollar amount and do not enter a dollar sign or a decimal point (e.g., enter 89, not $89.00).
A transport company purchased a truck for $40,000. The operating cost was $3,800 per month, with average revenues of $5,500 per month. The truck was sold for $12,000 after two and a half years. The company's actual rate of return was closest to:
Stewart Industries sells its finished product for $8.71per unit. Its fixed operating costs are $20,700, and the variable operating cost per unit is $4.15. a. The change in sales as a percentage for the 10,000 units level is ? (Round to one decimal place.) (from the 8,000-unit base level) b. The change in sales as a percentage for the 6,000 units level is? (Round to one decimal place.) (from the 8,000-unit base level) b. On the basis of your findings in part (a&b) comment on the sensitivity of changes in EBIT in response to changes in sales.
MIKAS, Inc. sells and installs furnaces for P3,000 per furnace. The following cost formula relates to last year's operations at MIKAS: Y = P125,000 + P1,800XIf MIKAS sold and installed 500 furnaces last year, what was its total contribution margin last year? 600,000 475,000 900,000 1,025,000
Sales revenue for XYZ Company is $1,000,000. The cost of goods sold is $450,000 and the operating expenses are $250,000. Interest revenue for the company is $100,000 and the interest expenses are $50,000. The minimum required rate of return is 15% and cost of operating assets $1,500,000. What is the residual income for XYZ Company? a. $125,000 b. $175,000 c. $100,000 d. $75,000
Mitchell Manufacturing Company has $1,600,000,000 in sales and $390,000,000 in fixed assets. Currently, the company's fixed assets are operating at 70% of capacity. What level of sales could Mitchell have obtained if it had been operating at full capacity? Do not round intermediate calculations. Round your answer to the nearest dollar.$ What is Mitchell's Target fixed assets/Sales ratio? Do not round intermediate calculations. Round your answer to two decimal places. % If Mitchell's sales increase by 50%, how large of an increase in fixed assets will the company need to meet its Target fixed assets/Sales ratio? Do not round intermediate calculations. Round your answer to the nearest dollar.
SaleCo sells 11,000 units resulting in $110,000 of sales revenue, $50,000 of variable costs, and $45,000 of fixed costs. To achieve $150,000 in operating income, sales must total ________. (Round intermediate calculations to two decimal places and the final answer to the nearest dollar.)
what is the dollar sales to attain that target profit is closest to Data concerning Strite Corporation's single product appear below: Selling price per unit Variable expense per unit Fixed expense per month $ 150.00 $ 42.00 $421,200 He Assume the company's target profit is $8,000. The dollar sales to attain that target profit is closest to: (Round your i calculations to 2 decimal places.)
The Silverman Company spent $14,000 on direct supplies and $19,000 on the salary of production personnel in its first year of business. General, selling, and administrative costs came to $8,000 while lease payments and utilities for the production facilities came to $17,000. At a cost of $15.00 per unit, the company produced 5,000 units, of which 3,000 were sold. When was the year's operating net profit for Silverman? $7,000 $12,000 $28,000 $37,000
Pedaci Corporation produces and sells a single product. Data concerning that product appear below: Assume the company's monthly target profit is $15,000. The unit sales to attain that target profit is closest to: 3,212B. 5,265C. 8,235D. 5,571 Assume the company's monthly target profit is $17,000. The dollar sales to attain that target profit is closest to: $387,392B. $635,069C. $671,925D. $993,313