FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
100%
Need help with question B sales vale at split off point. Please show how you got the numbers. I really need help calculating cost per liter for each product. Thanks
P1. Robinson Chemical, Inc., processes pine rosin into three products: turpentine, paint thinner, and spot remover. During
May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows:
Liters Produced
16,500
16,000
7,500
Product
Turpentine
Paint thinner
Spot remover
Separable Costs/liter
$1.20
$0.80
$0.90
Final Selling Price
Sales Value at Split off
$9.00
$12.00
$7.50
$7.00
$9.00
$7.60
a. Assume company is using physical measures at split-off to allocate joint costs. Compute Total cost per unit of
Turpentine, Paint thinner, and Spot remover, respectively.
b. Assume company is using the sales value at split off method to allocate joint costs. Compute Total cost per unit of
Turpentine, Paint thinner, and Spot remover, respectively.
Jue ORYA
expand button
Transcribed Image Text:P1. Robinson Chemical, Inc., processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows: Liters Produced 16,500 16,000 7,500 Product Turpentine Paint thinner Spot remover Separable Costs/liter $1.20 $0.80 $0.90 Final Selling Price Sales Value at Split off $9.00 $12.00 $7.50 $7.00 $9.00 $7.60 a. Assume company is using physical measures at split-off to allocate joint costs. Compute Total cost per unit of Turpentine, Paint thinner, and Spot remover, respectively. b. Assume company is using the sales value at split off method to allocate joint costs. Compute Total cost per unit of Turpentine, Paint thinner, and Spot remover, respectively. Jue ORYA
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education