Minnie Oil Co. produces three joint products: gasoline, kerosene, and naphtha. Total joint production cost for November was Php59,500. The units produced and unit sales prices at the split-off point were: Product Units Unit Sales Price Gasoline 10,000 Php5 Kerosene 15,000 4 Naphtha 20,000 3 In determining costs by the weighted average method, each unit is weighted as follows: Product Per Unit Weighting Gasoline 10.3 Kerosene 5 Naphtha 3 Required: Problem 1: Allocate the production cost, using: (1) The market value method (2) The weighted average method

Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow.  Income Statements (Absorption Costing) Year 1 Year 2 Sales ($50 per unit) $ 1,350,000 $ 2,550,000 Cost of goods sold ($39 per unit) 1,053,000 1,989,000 Gross profit 297,000 561,000 Selling and administrative expenses 247,000 271,000 Income $ 50,000 $ 290,000 Additional Information Sales and production data for these first two years follow.   Units Year 1 Year 2 Units produced 39,000 39,000 Units sold 27,000 51,000   Variable costs per unit and fixed costs per year are unchanged during these years. The company's $39 per unit product cost using absorption costing consists of the following.   Direct materials $ 16 Direct labor 9 Variable overhead 5 Fixed overhead ($351,000/39,000 units) 9 Total product cost per unit $ 39   Selling and administrative expenses consist of the following.   Selling and…

Mechem Corporation produces and sells a single product. In April, the company sold 2,000 units. Its total sales were $160,000, its total variable expenses were $78,600, and its total fixed expenses were $55,500. Required: a. Construct the company's contribution format income statement for April. b. Redo the company's contribution format income statement assuming that the company sells 1,900 units. Complete this question by entering your answers in the tabs below. Required a Required b Construct the company's contribution format income statement for April. (Do not round intermediate calculations.) 0 0

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