Prepare an income statement for the two products

Assignment Help Cost Accounting
Reference no: EM132715729

Robert Inc. manufactures slabs of granite for making countertops. As a byproduct, there are broken pieces of granite, which they grind into gravel and sell separately. The following information is available:

                            Slabs            Gravel

Sales              10,000 tons      1,000 tons
Sales price per ton $800              $20
After split-off cost per ton $50        $3
Joint cost ----------$2,000,000----------

Required:

Problem 1: Prepare an income statement for the two products using the net realizable value method.

Reference no: EM132715729

Questions Cloud

Develop a monthly cost formula for jerome coming year : When Bacom Company's monthly costs were $75,000, sales were $80,000. Use the high-low method to develop a monthly cost formula for Jerome's coming year.
What should barbara recommend as an overall strategy : Based on the results of the SWOT analysis, what should Barbara recommend as an overall strategy? How will the selection of the chosen EHR system contribute to.
Calculate return on equity for larkspur limited : Calculate return on equity for 2021. Assume there were no changes in the Common Shares and Preferred Shares accounts during the year.
What is the present value : What is the present value (aka price) of a 27-year, pure discount bond (zero coupon bond) that pays $1000 at maturity if it is priced to yield 9.11% per year
Prepare an income statement for the two products : Prepare an income statement for the two products using the net realizable value method. Robert Inc. manufactures slabs of granite for making countertops
What is the difference between death and dying : In your opinion, what is the difference between death and dying? Give examples. Identify characteristics of what a good death might be for yourself.
How do calculate the economic order quantity : Calculate the economic order quantity. Wilson Company is trying to figure out the most efficient inventory management, Annual sales units required 10,000
Calculate annual return : Calculate annual return should be to achieve a net present value of $ 100,000 with an initial payment of $500,000 and the same annual return
What would be the expected market price of this bond : Assume bond investors' required rate of return on the bond is 8.1%. What would be the expected market price of this bond

Reviews

Write a Review

Cost Accounting Questions & Answers

  What is the gross profit for the year if the net revenue

MERGE Inc. manufactures ZEN, What is the gross profit for the year if the net revenue from by-product is presented as other income?

  Determine the dividends on statement of retained

How did you determine the dividends on statement of retained earnings are $1,500 and the equipment is $12,000 on balance sheet? I suppose if you know one you can get the other. Which one did you determine?

  Collier borrowed 350000 on 1st october and is required to

collier borrowed 350000 on 1st october and is required to pay 360000 on 1st march. what amount is the note payable

  Determine the amount of cash received from customers

Sales reported on the income statements were $450,000. The accounts receivable balance increased $47,000 over the year. Determine the amount of cash received from customers.

  Case study - sail-away sports limited

Analyse the links between management accounting, customers, suppliers and sources of external information and assess what is relevant to business decision-making

  Compute the cost of closing stock and the gross profit

Compute the cost of closing stock and the gross profit under each of the following cost flow assumptions.

  One source of cash savings for a company

One source of cash savings for a company is improved management of inventory.

  Is shipping-charge function a step function

Is your shipping-charge function a step function? Could shipping charges be determined using a piecewise function that isn't a step function?

  Explain what is a budgetary slack

What is a budgetary slack? What are the classification for budgetary slack in accounting. Explain in detail and provide the suitable example.

  How many machines should the manager purchase initially

How many machines should the manager purchase initially? The machines will be used to manufacture a new gear for which there is increased demand.

  Draw a scattergraph relating overhead costs

Estimate the monthly fixed costs and the unit variable cost per machine-hour using the highlow estimation method - draw a scattergraph relating overhead costs to the number of machine-hours.

  Calculate the wacc for triglass plc

Critically discuss the following statements about stock market efficiency - Calculate the expected return and standard deviation of a 100% investment in Tropicana plc.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd