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Setler79 [48]
3 years ago
6

Wren Pork Company uses the relative market value method/Value basis method of allocating joint costs in its production of pork p

roducts. Relevant information for the current period follows:
Product Pounds Price/lb.
Loin chops 3,080 $5.40
Ground 10,200 2.20
Ribs 4,120 5.05
Bacon 6,160 3.70
The total joint cost for the current period was $45,400. How much of this cost should Wren Pork allocate to Loin chops?
A. $0.
B. $6,443.
C. $9,134.
D. $11,350.
E. $45,400.
Business
1 answer:
Neporo4naja [7]3 years ago
6 0

Answer:

C. $9,134

Explanation:

Product              Pounds     Price/Ib      Total Value

Loin chops          3,080        $5.40           $16,632

Ground                10,200       $2.20           $22,440

Ribs                      4,120         $5.05           $20,806

Bacon                   6,160         $3.70           $<u>22,792</u>

                                                                    $<u>82,670</u>  

The Total Joint cost = $45,400

Hence Joint cost to Lopin chops = $45,400 * $16,632 / $82,670

Joint cost to Lopin chops = $9,134

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On April 12, Hong Company agrees to accept a 60-day, 10%, $4,500 note from Indigo Company to extend the due date on an overdue a
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Cr Cash 4575

Explanation:

Based on the information given if On April 12, the Hong Company agrees to accept a 60-day which include the amount of $4,500 note from Indigo Company which means that in order to extend the due date on an overdue account the journal entry that Indigo Company would make, when it records payment of the note on the maturity date is :

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(4500/60 days)

Cr Cash 4575

(4500+75)

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3 years ago
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