The G-Lab Company produced three joint products at a joint cost of $150,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs 200,000 0 100,000 If joint costs are allocated based on relative weight of the outputs and all products are main products, how much of the joint costs would be allocated to product A? (Do not round intermediary calculations. Round final answer to the nearest cent.) A B с 100,000 lbs 200,000 lbs 300,000 lbs 245,000 30,000 175,000 OA $25,000.00 OB. $100,000.00 OC. $75,000.00 OD. $81,666.67 COD
Q: To prevent invalid data input, a bank added an extra number at the end of each account number and…
A: The correct answer is: (B) Check digit verification. Check digit verification is a technique used to…
Q: Type of Lease and Subsequent Accounting Chart of Accounts Next Level General Journal Instructions On…
A: Lease accounting in the books of lessor is dependant upon the type of lease it is, whether it's…
Q: Meryam Ahmed has net tax owing for 2016 of $5,000, n $8,000 and estimated net tax owing for 2018 of…
A: Sometime it happens that taxes are due for long period than on the request tax authorities gives…
Q: ansas Company uses the weighted-average method in its process costing system. Operating data for the…
A: Conversion of equivalent units Units…
Q: 1.1 BUDGETED INCOME STATEMENT AND BUDGETED STATEMENT OF FINANCIAL POSITION Benito Toma Corporation,…
A: Budgeting is the process of determining financial data for an upcoming period that becomes a goal…
Q: What is the difference between proprietorship, partnership, and corporation
A: Answer:- Proprietorship meaning:- Sole proprietorship is that form of business where one person is…
Q: Support Department Cost Allocation-Direct Method Charlie's Wood Works produces wood products (e.g.,…
A: Direct method Charlie's Wood Works a. The percentage of Janitorial costs that should be allocated to…
Q: A single taxpayer earns $500,000 of salary income and $20,000 of interest income in 2021. The…
A: Adjusted Gross Income (AGI) is defined as gross income less adjustments to income.
Q: PROBLEM 13 Suzie, Inc. had 10,200 units on April 30, 2021, based on physical count of goods on that…
A: FOB Shipping point indicates that the goods are considered to be sold when they are shipped from the…
Q: Sophie owns an unincorporated manufacturing business. In 2021, she purchases and places in service…
A: Solution:- Calculation of the Sophie's maximum total cost recovery deduction for 2021 as follows…
Q: Write a statement of financial postition (balance sheet) using this data: Layla introduced £50,000…
A: Companies run their business to make a profit and make money. A company should keep books of account…
Q: Please help with Development of an Anti-Fraud Program The potential for fraud occurs in all…
A: It is believed that for an effective and efficient anti-fraud program to be executed successfully…
Q: eets as of December 31 2021 2020 Assets Cash $ 29,000 $ 50,000 Accounts receivable 95,000 79,000…
A: Answer : Cash flow from operating activities (2021) : Net income $170,000 Adjustment for non…
Q: As stated in the report from the Independent Auditors, the primary responsibility for a company's…
A: The primary responsibility for the company's financial statement lies with the company's management.…
Q: Mr. Ernesto dela Cruz, had the following during the taxable year: P1,500,000 for outliving his life…
A: As per the tax provisions in the Philippines, no tax is paid on cash gifts up to P600,000. Any…
Q: Trevor Company expects sales of Product W to be 70,000 units in April, 85,000 units in May, and…
A: Ending inventory refers to the value of goods that are still in stock and held by a company at the…
Q: 1. Calculate the overhead variance for the year. $ Provide the appropriate adjusting journal entry…
A: Applied overhead is the total amount of overhead that is applied to cost object that includes…
Q: taxable benefit on the above loan
A: Every employed individual is liable to pay taxes on his taxable income. However, various exemptions…
Q: Explain the characteristics of audit documentation should possess.
A: 1. Completeness: Audit documentation should contain sufficient information to support the…
Q: Luna is a member of the Sidewalk Players, a band that performs on sidewalks around New York. The…
A: Contract refers to the agreement which is contractual in nature among the parties of the contract…
Q: Swifty Company purchased equipment and these costs were incurred: Cash price Sales taxes Insurance…
A: Aquisition Cost of asset :— All capital expenditure incurred before put to use of asset are added to…
Q: Critically discuss the use of forwards vs. futures instruments within firms and how these can be…
A: Forwards and futures are both financial instruments used by firms to manage financial risks, such as…
Q: All of the contribution is deductible. b. None of the contribution is deductible. c. She…
A: The correct option is B.
Q: Review the statement of cash flows for Tesla Motors Inc. in ATC 14-1 on page 688. Discuss the cash…
A: Cash flow statement is an important financial statement for a company along with balance sheet and…
Q: The Kaltec Construction Company purchased a piece of machinery on June 29, 2013 for $53 000. Freight…
A: Amortization - Amortization is an accounting method used over a certain period of time to gradually…
Q: (a) (b) (c) On July 1, Blossom Co. sold merchandise on account to Stacey Inc. for $21,370, terms…
A: Lets understand the basics. Journal entry is required to make in order to record event and…
Q: where did you get property paint and equipment from?
A: Property Plant and Equipment is a classification of tangible fixed assets and it includes Land &…
Q: Dowell Company produces a single product. Its income under variable costing for its first two years…
A: Lets understand the basics. Company prepares income statement using either of the two methods. (1)…
Q: Examine financial commentary that interprets and analyses published financial information
A: Financial commentary is an analysis of published financial information. It is used by investors,…
Q: Doug and Rachel recently bought their first house for $625 000. As first-time home buyers, they pay…
A: “Since you have asked multiple question, we will solve the first complete question for you. If you…
Q: formation related to Lady Gangster Ltd. For 2021 is summarized below: Total credit sales L5,000,00…
A: Bad Expenses is the amount which shall be debited in the profit in loss account, which shall be…
Q: eBook Show Me How ress=false Target Profit Trailblazer Company sells a product for $240 per unit.…
A: BREAKEVEN POINT Break Even means the volume of production or sales where there is no profit or…
Q: culations Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December…
A: The Inventory Turnover ratio is the measure of how efficiently a company uses its inventory by…
Q: Presented below is the 2021 income statement and comparative balance sheet information for Tiger…
A: Introduction:- A cash flow statement denotes total amount cash is inflows and cash outflows your…
Q: P1.2 (LO 4, 5) Ai Fang Co. opened on July 1, 2020. On July 31, the statement of financial position…
A: Income statement refers to the one of the financial statements (FS) of the business which is…
Q: 4) Raymond bought a new car by trading in his old car which was valued at RM10,000. He had to make…
A: Mortgages allow both individuals and corporations to purchase real estate without having to pay the…
Q: . Which of the following is not a typical note included in an annual report? O A. A note describing…
A: Answer Annual report form part of A note describing that the accounting policies are…
Q: Income from an S corporation is calculated in the same way as from a partnership and is reported on…
A: Answer In S corporation as per federal income tax purpose the shareholders are taxes as an…
Q: Wohoo Publishers uses the allowance method to estimate uncollectible accounts receivables. The…
A: Introduction: Allowance for doubtful debt is the estimated bad debt expense that is required to be…
Q: Henry's company is preparing a detailed financial report. They are honest with their potential…
A: Liabilities are the present obligations of the company which requires the outflow of resources in…
Q: Cash Accounts Receivable Account Titles Prepaid Rent Equipment Accumulated Depreciation-Equipment…
A: The income statement and balance sheet are the financial statements of the business. The financial…
Q: By using excel: Find the cost equation for electricity cost and estimate it for July if expected…
A: The expected cost of the electricity is the cost which might be incurred upon the business or any…
Q: In June, Blackfly Ltd. received a $6,000 cash payment for work performed & billed the previous…
A: Net Income: Net income is the amount which tells the overall profitability of a company and can be…
Q: An investor would like to purchase a new apartment property for $2.2 million. However, she faces the…
A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
Q: Chad and Jason Roberts paid $8,500 during the year for childcare for their three children, aged 2, 6…
A: a) Childcare expenses are deductible provided they must be claimed by the parent in a lower tax…
Q: In July, 26,000 meals were actually served. The company's flexible budget for this level of activity…
A: ACTIVITY VARIANCE Activity Variance is the difference. between a revenue or cost item in the…
Q: Required information [The following information applies to the questions displayed below.] Trey…
A: Specific Identification Method :— It is one of the inventory method in which specific units is used…
Q: DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a vertical…
A: Answer Vertical analysis of accounts receivable is = Accounts receivable / Total Assets
Q: Falcon Company acquired an adjacent lot to construct a new warehouse, paying $40,000 and giving a…
A: Land is the asset which is non-depreciable. It is a non-current asset which is reported in the…
Q: Waurika Pharmaceuticals produces two organic chemicals (Org AB and Org XY) used in the production of…
A: Activity Centers Org AB Org XY Total Packaging materials 16,50,000 5,50,000 22,00,000 Energy…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Vicerelandu, Inc. manufactures X, Y, and Z from a joint process. Joint product costs were P60,000. Additional information are as follows:(see pic) 1. Assuming that joint costs are allocated using the physical measures (units produced) approach, what were the total costs allocated to product X ________________________ Y ______________________ Z ______________________2. Assuming that joint product costs are allocated using the relative sales value at split-off approach, what were the total costs allocated to product X_________________________ y ______________________ Z ______________________Please show me your solution so I can check if mine is correct. Thank you! 1. ABC company manufactures X, Y, and Z from a joint process. Joint product costs were P60,000. Additional information are as follows:(see image) Assuming that joint costs are allocated using the physical measures (units produced) approach, what were the total costs allocated to productX ________________________ Y ______________________ Z ______________________HASF Corporation manufactures products A, B, and C from a joint process. Joint costs are allocated on the basis of relative sales value at the end of the joint process. Additional information for HASF are as follows: Units produced Joint costs 12,000 144,000 в 8,000 60,000 с 4,000 36,000 Total 24,000 240,000 Sales value before additional processing 240,000 100,000 60,000 400,000 Additional costs for further processing Sales value if processed further 28,000 280,000 20,000 120,000 12,000 70,000 60,000 470,000 Required: a. Which, if any, of products A, B, and C should be processed further and then sold? b. Keeping in view the answer of "part a", write down your critical feedback to support your answer (Word limit Max 200)
- Milo Manufacturing produces products Kappa and Lambda from a joint process. Total joint costs are $169,000. The sales value at split- off was $175,680 for 8.800 units of Kappa and $63,280 for 13,200 units of Lambda. Required: a. 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. b. What joint costs are allocated to the two products using the physical quantities method? Note: Do not round intermediate calculations. a. Net realizable value method b. Physical quantities method Kappa LambdaMIX Inc. is conducting a joint process which results to three products. The following production data were provided by MIX Inc. for the current period:Product Name Units Produced Selling price per unit at split off pointAce 10,000 P40Bat 15,000 P20Can 25,000 P12Additional data for the period were provided:All the ace items were sold for a gross profit of P100,000.The joint costs were allocated using physical method.Requirement:1. What is the gross profit/(loss) if all the Bat items are sold in current year?2. Assuming the joint costs are fixed, what is the joint cost allocated to can items using the relative sales value method?HASF Corporation manufactures products A, B, and C from a joint process. Joint costs are allocated on the basis of relative sales value at the end of the joint process. Additional information for HASF are as follows: A B C Total Units produced 12000 8000 4,000 24,000 Joint costs 144000 60,000 36,000 240,000 Sales value before additional processing 240000 100,000 60,000 400,000 Additional costs for further processing 28000 20,000 12,000 60,000 Sales value if processed further 280000 120,000 70,000 470,000 Required: Which, if any, of products A, B, and C should be processed further and then sold? Keeping in view the answer of "part a", write down your critical feedback to support your answer
- Please show me your solution so I can review mine. Thank you! 1. The XYZ Company manufactures products C and R from a joint process. The total joint costs are P60,000. The sales value at split-off was P75,000 for 8,000 units of product C and P25,000 for 2,000 units of product R. Assuming the total joint costs are allocated using the relative sales value at split-off approach, what were the joint costs allocated to product C?________________ 2. BZD Company manufactures products A and B from a joint process which also yields a by- product, X. BZD accounts for the revenues from its by-product sales as a deduction from the cost of goods sold of its main products. Additional information is as follows: A B X TOTAL Units produced 15,000 9,000 6,000 30,000 Joint costs ? ? ? P264,000 Sales value at split-off P290,000 P150,000 P 10,000 P450,000 Assuming that joint product costs are allocated using the relative sales value at split-off…Tonic Company manufactures products X and Y from a joint process. The market value at split-off was P50,000 for 6,000 units of product X and P50,000 for 2,000 units of product Y. Assuming that the portion of the total joint cost properly allocated to product X using the market value method was P30,000; the total joint cost was: A. 45,000 b. 60,000 c. 75,0002. ABC Company uses a joint process to produce products A, B, and C. The joint production costs for 201Awere 500,000 and were allocated using relative sales value at the split-off point method.Each product may be sold at its split-off point or processed further. Additional processing costs are entirelyvariable.ProductsSales Value atSplit-offAdditionalProcessingCostsFinal SalesValueA P300,000 P130,000 420,000B 120,000 100,000 230,000C 250,000 140,000 400,000P670,000 P370,000 P1,050,000 a. To maximize profit, which product/s should be sold at split-off point and be processed further,respectively?b. If the alternative were to sell at split-off point or to process further all products, which alternativewould be recommended?
- Walman Corp. manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products based on relative sales value of the products at the split-off point. Additional information is as follows: X Y Z Total Units produced 14,000 10,000 6,000 30,000 Allocated joint costs $ 204,000 $ 90,000 $ 66,000 $ 360,000 Sales value at split-off ? 150,000 110,000 600,000 Additional costs for further processing 38,000 30,000 22,000 90,000 Sales value if processed further 348,000 185,000 147,000 680,000 Product X's sales value at the split-off point is:Walman Corp. manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products based on relative sales value of the products at the split-off point. Additional information is as follows: X Y Z Total Units produced 14,000 10,000 6,000 30,000 Allocated joint costs $ 204,000 $ 90,000 $ 66,000 $ 360,000 Sales value at split-off ? 150,000 110,000 600,000 Additional costs for further processing 38,000 30,000 22,000 90,000 Sales value if processed further 348,000 185,000 147,000 680,000 Based solely on a relevant cost analysis, which of the three products should be processed by Walman beyond the split-off point?Ilang Ilang Company manufactures Product A and B from a joint process which yield a by-product. Ilang Ilang accounts for the revenue from its by-product sales as deduction from the cost of goods sold of its main products. Additional information follows: A B C Total Unit produced 15000 9000 6000 30000 Joint Costs 264000 Sales Value at Split off 290000 150000 10000 450000 Joint products are allocated using the relative sales value at split off approach What was the joint cost allocated to Product B?