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Question 1
Jumbo Giant Limited manufactures three products, namely, Milk, Yoghurt and Ice-cream.
The initial joint cost of production is $600,000 for the year. This cost results in an output of 2,000,000 litres. Details relating to the 3 joint products are given below:
Milk
Yoghurt
Ice-cream
Quantities at split off point
1,000,000 litres
400,000 litres
600,000 litres
Sales price per litre at split off point
$ 1.00 per litre
$ 2.00 per litre
$ 3.00 per litre
Separable cost
$ 0.50 per litre
$ 1.25 per litre
$ 1.50 per litre
Sales price of ultimate product
$ 5.50 per litre
$ 4.00 per litre
$ 9.00 per litre
Required:
1. Allocate the joint cost between Milk, Yoghurt and Ice Cream using
a) The Physical Method.
b) The Relative Sales Value Method. Round percentage to 2 decimal places.
c) Net Realisable Value Method. Round percentage to 2 decimal places.
2. Jumbo Giant Limited has a request from a prospective customer to further process all its Ice Cream production into Gourmet Ice Cream which will then be bought by the customer for $12.00 per litre. This will increase the separable costs of ice cream per litre to $2.60. Would you advise the company to accept the offer? Why or why not?
Question 2
Mighty Mouse Limited estimates the following information for October 2014:
Sales (Units)
22,000
Inventory - October 2014
9,000
Inventory - 31st October 2014
7,500
The company's inventory policy requires ending inventory to be equal to 25% of the prior month's sales.
The company predicts sales to increase by 5% in November. December is a slow month and sales are estimated at 70% of November sales.
Attachment:- Management Accounting assignment.xps
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