Reference no: EM132842562
Question - A company engages in a manufacturing process that uses one input product (Q) to produce three outputs (X, P, and Z). Outputs X and P are considered main products and output Z is by-product. During the recent month, the following events occurred:
1. Produced and sold 200 units of X and 100 units of P. produced 25 units of Z.
2. Recorded sales revenue of P35,000 from sales of X and P. The cost of sales before accounting for the by-product was P18,000.
3. Incurred P125 to process the 25 units of Z to completion. These costs are charged as they are incurred against any by products' sales. (None of these by-product costs are kept in inventory at the end of the period.)
4. Received P570 in revenue from the sale of 10 units of Z.
Required -
1. Prepare statement showing, in parallel columns, the sales revenue, other income, costs of goods sold, separate costs to process by-products, and gross margin that would be reported for each of the two methods.
2. Prepare journal entries under the two methods of accounting for by-products.
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