Torid Company processes 18,800 gallons of direct materials to produce two products, Product X and Product Y. Product X sells for $9 per gallon and Product Y, the main product, sells for $170 per gallon. The following information is for December: Product X: Product Y: Production 6,175 10,475 Sales 6,000 10,485 Beginning Inventory 0 50 Ending Inventory 175 40 The manufacturing costs totaled $27,000. How much is the ending inventory for the byproduct if byproducts are recognized in the general ledger at the point of sale?
Torid Company processes 18,800 gallons of direct materials to produce two products, Product X and Product Y. Product X sells for $9 per gallon and Product Y, the main product, sells for $170 per gallon. The following information is for December: Product X: Product Y: Production 6,175 10,475 Sales 6,000 10,485 Beginning Inventory 0 50 Ending Inventory 175 40 The manufacturing costs totaled $27,000. How much is the ending inventory for the byproduct if byproducts are recognized in the general ledger at the point of sale?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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