Milo Manufacturing produces products Kappa and Lambda from a joint process. Total joint costs are $158,000. The sales value at split-off was $167,760 for 4,400 units of Kappa and $63,280 for 6,600 units of Lambda. Required: What joint costs are allocated to the two products using the net realizable value at split-off approach? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts. What joint costs are allocated to the two products using the physical quantities method? Note: Do not round intermediate calculations.
Milo Manufacturing produces products Kappa and Lambda from a joint process. Total joint costs are $158,000. The sales value at split-off was $167,760 for 4,400 units of Kappa and $63,280 for 6,600 units of Lambda. Required: What joint costs are allocated to the two products using the net realizable value at split-off approach? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts. What joint costs are allocated to the two products using the physical quantities method? Note: Do not round intermediate calculations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Milo Manufacturing produces products Kappa and Lambda from a joint process. Total joint costs are $158,000. The sales value at split-off was $167,760 for 4,400 units of Kappa and $63,280 for 6,600 units of Lambda.
Required:
-
What joint costs are allocated to the two products using the net realizable value at split-off approach?
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts.
-
What joint costs are allocated to the two products using the physical quantities method?
Note: Do not round intermediate calculations.
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