Two products (W and X) are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or work in progress. The following information is available for last period: Total joint production costs $776,160 Product Production units Sales units Selling price per unit W 12,000 10,000 $10 X 10,000 8,000 $12 Using the sales value method of apportioning joint production costs, what was the value of the closing inventory of product X for last period? A $310,464 B $388,080 C $155,232 D $77,616
Two products (W and X) are created from a joint process. Both products can be sold immediately after split-off. There are no opening inventories or work in progress. The following information is available for last period: Total joint production costs $776,160 Product Production units Sales units Selling price per unit W 12,000 10,000 $10 X 10,000 8,000 $12 Using the sales value method of apportioning joint production costs, what was the value of the closing inventory of product X for last period? A $310,464 B $388,080 C $155,232 D $77,616
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Two products (W and X) are created from a joint process. Both products can be sold immediately after
split-off. There are no opening inventories or work in progress. The following information is available for
last period:
Total joint production costs $776,160
Product Production units Sales units Selling price per unit
W 12,000 10,000 $10
X 10,000 8,000 $12
Using the sales value method of apportioning joint production costs, what was the value of the closing
inventory of product X for last period?
A $310,464
B $388,080
C $155,232
D $77,616
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