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Question - Riley Company produces two products from a joint process: A and C. Joint processing costs for this production cycle are P9,000
Yards
Sales price per yard at split-off
Disposal cost per yard at split-off
Further processing per yard
Final sale price per yard
A
1,800
7.00
4.50
1.50
8.00
C
2,600
10.00
6.00
3.50
12.25
If A and C are processed further, no disposal costs will be incurred or such costs will be borne by the buyer.
Required -
1. Assume that the products will not be processed further, allocation rate up to three decimal places. Using the net realizable value method, the total joint costs assigned for A is 2,718.
2. Compute for the gross profit if 1,000 yards of A are sold 5,490.
3. Use 6 decimal places for the allocation rate, joint cost allocated round to the nearest peso. Assume that all the products will be processed further. The joint cost assigned for C is 5,986.
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