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COMBI Inc. manufactures three products. The following production data were provided by COMBI Inc. for the current period:
Product name Units produced Additional processing cost after split off Final selling price
Xen 1,000 20,000 50
Yen 2,000 10,000 10
Zen 3,000 30,000 30
Joint product costs for the current period were as follows:
Raw materials 10,000
Direct labor 15,000
Factory overhead 25,000
The company uses net realizable value method for allocating join costs.
Question 1: What is the gross profit/(loss) on the sale of all Xen products?
30,000
21,667
15,000
5,000
Question 2: What is the total gross profit/(loss) on the sale of all the joint products?
40,000
60,000
50,000
Revenues between different products - Wouldn't it be better for accounting if we just had one way of recognizing revenues? Why or why not?
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