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Tamarisk Group provides many of the laminated products that teachers use in their classrooms. Tamarisk management consie company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Tamarisk has treated these cut-outs as a by-product, since it receives a small value fo items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint proces costs $1.900, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced Sales Value per Unit $2 2.100 500 0.50

Tamarisk Group provides many of the laminated products that teachers use in their classrooms. Tamarisk management consie company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Tamarisk has treated these cut-outs as a by-product, since it receives a small value fo items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint proces costs $1.900, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced Sales Value per Unit $2 2.100 500 0.50

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Progress Tamarisk Group provides many of the laminated products that teachers use in their classrooms. Tamarisk management considers t company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Tamarisk has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process th costs $1,900, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced Sales Value per Unit $2 2.100 500 0.50
Transcribed Image Text:Progress Tamarisk Group provides many of the laminated products that teachers use in their classrooms. Tamarisk management considers t company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Tamarisk has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process th costs $1,900, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced Sales Value per Unit $2 2.100 500 0.50
If 10% of the production for both products had been unsold as of year-end, how much inventory cost would remain on the balance sheet for each product under (1) the sales method and (2) the production method? (Do not leave any answer field blank. Enter o for amounts.) (1) The sales method Inventory cost (2) The production method Inventory cost FG Inventory-Main $ 179 FG Inventory-Main 153 FG Inventory-By-Product 11 FG Inventory-By-Product S 37
Transcribed Image Text:If 10% of the production for both products had been unsold as of year-end, how much inventory cost would remain on the balance sheet for each product under (1) the sales method and (2) the production method? (Do not leave any answer field blank. Enter o for amounts.) (1) The sales method Inventory cost (2) The production method Inventory cost FG Inventory-Main $ 179 FG Inventory-Main 153 FG Inventory-By-Product 11 FG Inventory-By-Product S 37
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