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docker41 [41]
2 years ago
14

Joint products A and B emerge from common processing that costs $116,000 and yields 4,000 units of Product A and 2,800 units of

Product B. Product A can be sold for $280 per unit. Product B can be sold for $100 per unit. How much of the joint cost will be assigned to Product A if joint costs are allocated on the basis of relative sales values
Business
1 answer:
Mandarinka [93]2 years ago
4 0

Answer:

Apportioned joint cost to A=$92,800

Explanation:

<em>Joint costs are the costs incurred up until the split-off where two or more products result from the same production process. These  common costs need to be apportioned among the joint products using any of the following basis:</em>

  1. physical units
  2. Relative sales value basis.

The relative value basis apportions joint costs using the proportion of product individual sales value to the the total sales value.

Total sales value = (280×4,000) + (100×2,800) =1400000

Apportioned joint cost to A =(1,120,000/1,400,000)× 116,000=92800

Apportioned joint cost to A=$92,800

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Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the product
jek_recluse [69]

Answer:

Product 1  - $36

Product 2 -  $ 96  

Product 3  -  $66

Explanation:

The accounting standard for Inventory under IFRS IAS 2 requires that inventory be recognized at cost which includes all the cost incurred to bring the item of inventory to a state or place where the item of inventory becomes available for sale.

These costs includes cost of purchase, freight, Insurance cost during transit etc.  

Subsequently, inventory is to be carried at the lower of cost or net realizable value.

The NRV is the Selling price less the cost to sell.

Given

                             Product 1       Product 2        Product 3

Cost                            $36              $ 106              $ 66

Selling price               $ 88              $ 168             $ 118

Costs to sell                $ 9                $ 72              $ 26

NRV                             $ 79               $ 96              $ 92

6 0
3 years ago
​Martinville, Inc. earned revenues of $ 17,000 and incurred expenses of $ 7,000. The company declared and paid cash dividends of
vladimir1956 [14]

Answer:

$10,000

Explanation:

A company's income is either shared out as dividends or kept in as retained earnings. Therefore, the total of retained earnings and dividend paid out is the net income. This is the amount that will reflect in the income statement. In other words, income is calculated first before dividends or retained earnings are declared.

For ​Martinville, income will be calculated first before dividends are paid. Net income will be

=revenue - expenses

=$17,000 -$7,000

=$10,000

Balance in the Income Summary account was $10,000

4 0
3 years ago
Tier 1 enterprise resource planning vendors such as sap and oracle are more appealing to large firms due to ________.
ycow [4]
Tier 1 enterprise resources planning ...................................... due to OPPORTUNITIES FOR CORPORATE-WIDE STANDARDIZATION.
A tier 1 enterprise resource enterprise refers to companies that are direct suppliers for an original equipment manufacturer. Companies prefer dealing with such companies due to the opportunities attached.
6 0
3 years ago
On January 1, 2019, Al's Sporting Goods purchased store fixtures at a cost of $180,000. The anticipated service life was 10 year
xz_007 [3.2K]

Answer:

The journal entry is shown below:

Explanation:

The journal entry is as follows for recording the depreciation:

Depreciation expense A/c.........................Dr  $ 14,400

           Accumulated depreciation...............Cr   $ 14,400

Working Note:

Depreciation rate = 100 % / Number of years of life

= 100 % / 10 years

= 10%

This will be multiplied by 2

= 10% × 2

Depreciation rate = 20%

Using the double declining method:

In year 2019

Depreciation expense = Cost of purchasing × Depreciation rate

= $180,000 × 20%

= $36,000

In year 2020

Depreciation expense = ( Cost of purchasing - Depreciation expense of last year) × Depreciation rate

= ($180,000 - $36,000) × 20%

= $144,000 × 20%

= $28,800

Using the Straight Line method:

In the year 2021

Depreciation expense = (Cost of purchasing - Depreciation expense of 2 years) / Number of years of useful life

= ($180,000 - $64,800) /  8

= $115,200 / 8

= $14,400

5 0
3 years ago
If we assigned three people to work with you on a complex project containing 75 tasks that you were responsible for, how would y
Anni [7]
First of all, I will try to get to know people who were assigned to me. as I will have 75 tasks and equality is very important to me, I will give each person 25 task. if they will have some problems with given task I will try to help them or change their tasks so they can be more comfortable with their work. As a leader, i will do work as well, if my team will have some problems i will listen to them and solve those problems together. 
3 0
3 years ago
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