Mikes meats incurs costs of 4000 while processing raw

Reference no: EM13572271

Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following.

	Sales Price per lb	Quantity produced (lbs)
Breast	$2.00	3,000
Wings	$0.50	1,000
Thighs	$1.00	2,000

Required;

Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation.
Repeat partusing the sales-value-at-split-off method of joint cost allocation.
The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to allocate joint costs, should the offer be accepted?

Reference no: EM13572271

Questions Cloud

Finestra corporation produces a single product that it : finestra corporation produces a single product that it currently sells for 10. fixed expenses are 120000 for the year

In recent years walz company has purchased three machines : in recent years walz company has purchased three machines. because of frequent employee turnover in the accounting

If sales increase by 10 what income from operations would : wind bicycle company sold 500 bikes in december 2003. the selling price was 500 per unit the variable expenses were 300

Determine the amount of value-added and non-value-added : master chef appliance company manufactures home kitchen appliances. the manufacturing process includes stamping final

Mikes meats incurs costs of 4000 while processing raw : mikes meats incurs costs of 4000 while processing raw chicken meat into three products breasts wings and thighs. the

Leased heavy machinery from young leasing company the terms : on january 1 2004 digital inc. leased heavy machinery from young leasing company. the terms of the lease require annual

Flint fabricators inc machines metal parts for the : flint fabricators inc. machines metal parts for the automotive industry. under the traditional manufacturing approach

Wind bicycle company sold 500 bikes in december 2003 the : wind bicycle company sold 500 bikes in december 2003. the selling price was 500 per unit the variable expenses were 300

Prepare the statement of cash flow operating section only : prepare the statement of cash flow operating section only for tire corp. as of december 31 2013 based on the following

User Account

All Pages

Mikes meats incurs costs of 4000 while processing raw

Reference no: EM13572271

Reference no: EM13572271

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