Solution-Determine total net income if all products are sold

Determine total net income if all products are sold

Assignment Help Accounting Basics

Reference no: EM132504696

Question - Phil com has a joint process that produces three products: Index 1, Index 2, and Index 3. Each product may be sold at split off or processed further and then sold. Joint processing costs for a year amount to $200,000. Data as follows

Products	Index 1	Index 2	Index 3
Sales Value at Split Off	$120,000	$80,000	$150,000
Costs after split off	$260,000	$140,000	$190,000
Sales Value at Completion	$420,000	$190,000	$350,000

Required -

Determine total net income if all products are sold at split off point.

Determine total net income if all products are sold after processing.

Using incremental analysis determine which products should be sold at split off point and which should be processed further.

Reference no: EM132504696

Questions Cloud

Explored the changing face of the family : In your readings you have explored the changing face of the family, with more and more women working outside the home. What is the 'second shift

Discuss union and management strike or contract negotiation : Find a popular press article that discusses a union and management strike or contract negotiation in your discipline or field of interest.

How do diverse cultural backgrounds and characteristic : how do their diverse cultural backgrounds and characteristics (such as gender, race/ethnicity, nationality, religion, education, geographic location, etc.)

Prepare Swiftys journal entries for the initial transaction : Prepare Swifty's journal entries for the initial transaction, recognition of interest each year, and the collection of $86,400 at maturity

Determine total net income if all products are sold : Joint processing costs for a year amount to $200,000. Determine total net income if all products are sold at split off point

What is the amount and character recognized by Wilma : Wilma's income tax basis in each share is $7,900. What is the amount and character recognized by Wilma as a result of the stock redemption

How many shares of Acme is Shirley deemed : Joan and Bill are married, and they each own 55 shares of Acme. How many shares of Acme is Shirley deemed to own under the stock attribution rules

Prepare flexible selling and administrative expenses budget : Prepare a flexible selling and administrative expenses budget for June 2016 for sales volume $400,000, $500,000 and $600,000

Calculate the manufacturing overhead cost for each product : Calculate the budgeted indirect cost rate for the three cost pools. Assuming the following additional costs, what is the total cost of the two products

User Account

All Pages

Determine total net income if all products are sold

Reference no: EM132504696

Reference no: EM132504696

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT