User Account

All Pages

What is the amount of joint cost allocated to product c

Assignment Help Accounting Basics
Reference no: EM132764704

Question: A joint process produces three products at the split-off point. Product A can be sold without further processing at the split- olf point. Products B and C require further processing before they can be sold. There were no beginning or ending inventories for the yearjust ended. Joint processing costs were $56,000. and separable costs were $12,000 for B and $3,000 for C. Sales were as follows: 5.000 gallons of A at $1 per gallon. 3.000 gallons of B at $1 5 per gallon. and 4.000 gallons of C at $12.50 per gallon. The company uses the estimated net realizable value method for allocating joint costs. Assume that products B and C are treated as joint products and product A is treated as a by-product. What is the amount of joint cost allocated to product C?

Reference no: EM132764704

Questions Cloud

Determine the dollar amounts that towson will report : Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 100,000 shares of $2 par value common stock at a price of $45.
What is the adjusting journal entry should be made : A warehouse was bought by Great Co on November 30, 2019 costing P3,400,000 for storage of product Y. It has an estimated useful life of 15 years and salvage.
Prepare classified assets section in the balance sheet : Adam Company's Trial Balance includes the following accounts: Cash 2000 / Prepaid rent $ 5000 / Unearned revenue $ 8000/ Buildings $200000.
Record the long-term equipment lease : Cottenec Memorial Golf Course is reported as an Enterprise Fund (EF) of LeCorre City. In 2018, the EF leased professional restaurant equipment based.
What is the amount of joint cost allocated to product c : A joint process produces three products at the split-off point. Product A can be sold without further processing at the split- olf point. Products B and C.
Describe semcos management structure : Identify the principles or values that are important to Semco.Why does Semco train each employee in accounting? Suggest how requiring team leaders.
Identify the major stakeholders in the case : Approaching ethics from a utilitarian framework, discuss whether or not the management of Sunbeam was unethical in issuing financial statement that improperly.
How the irs collects income tax from each : Davy Jones, a new tax client, walks into your office and informs you that he owns a charter fishing business. Jones is curious about the different legal.
Compute the passthrough to the shareholders : Convey to HMI the tax effects of such a 2018 conversion to S status. Provide a restated HMI balance sheet as of June 30, 2018, and compute the passthrough.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Question about the internet independent of race

The same poll as in Exercise 9 also asked the questions "Did you use the Internet yesterday?" and "Are you White, Black, or Hispanic/Other?" Is the response to the question about the Internet independent of race? The data follow:

  Discuss the various functions involved in transaction cycle

Discuss in detail the various functions involved in "Transaction Cycle" with suitable examples. Discuss methods of setting premium rates in insurance

  What can be deducted from tax returns and what not

What can be deducted from tax returns and what not, the State Planning Commission was decidedly pro-development and routinely approved

  Determine the taxable year of the LLC

The new LLC will produce a product that Barney recently developed and patented. Determine the taxable year of the LLC

  You are provided the overhead cost data for the auerbach

You are provided the overhead cost data for the Auerbach Enterprises.  Management needs advice in determining how to allocate these costs utilizing a job order costing system either department-wide or company-wide.   Address Questions 1through 5 loca..

  Discuss development on the e commerce industry in usa

Discuss development on the e commerce industry in USA. The response must be typed, single spaced.

  Assume the company uses a sales journal

Refer to QS 7-7 and for each of the May transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal as illustrated..

  What amount of interest is capitalized on december

What amount of interest is capitalized on December 31, 2019? Marauder Company borrowed P 15,000,000 at 12% to finance in part the construction

  Present comparative income statements

Present comparative income statements for the years 2010 to 2013, started with income before extraordinary items

  Total costs to account for is 1 the number of units

total costs to account for is1. the number of units finished during theperiod2. equal to the dollar value offending

  How should the corporation recognize revenues

How should the corporation recognize revenues and costs in these situations?

  Project a requires an original investment of 65000 the

project a requires an original investment of 65000. the project will yield cash flows of 15000 per year for seven

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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