Two products, X and Y, are produced from the same material. The material costs 95p per Kg

Question:

Two products, X and Y, are produced from the same material. The material costs 95p per Kg and the products appear after Process 1.

X can be sold directly but Y needs further processing in Process 2.

The following data relate to one period.

image text in transcribed

There were no materials on hand at the end of the period.
You are required to calculate:

a. the unit price of X and its market value at split off.

b. The total joint cost to be apportioned between the two products.

c. Calculate the total cost of X and Y using the sales value method of apportionment.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Costing

ISBN: 9780134789705

6th Edition

Authors: Terry Lucey

See More Books

Question Posted: May 21, 2024 05:02 AM

See More Questions

Let A, B be sets. Define: (a) the Cartesian product (A B) (b) the set of relations R between A and B (c) the identity relation A on the set A [3 marks] Suppose S, T are relations between A and B, and...
Some Practice Problems for the C++ Exam and Solutions for the Problems The problems below are not intended to teach you how to program in C++. You should not attempt them until you believe you have...
cck3 java help them all If a processor exhibited one branch delay slot how would you reorder (and possibly modify) the instructions in the following loop to gain a performance advantage? loop ldr...
Doug, Peter, and Jack have the following capital balances;$150,000, $300,000 and $320,000, respectively. The partners shareprofits and losses 35%, 40%, and 25% respectively. Jones is goingto pay a 2...
Draw a reaction energy diagram for a one-step reaction that is very fast and very exothermic.
Using the table of random numbers, select 10 states and find the mean of the average population and the mean of the pupils per teacher. How do your results compare with the U.S. figures? Average...
Traditionally, employee training in restaurants has been unstructuredthat is, there are no formal classes, formal instructional materials, or particular trainers. How will you set up your training...
1. The three basic economic questions a society must answer are _________ products do we produce? _________ do we produce the products? _________ consumes the products? 2. List the five factors of...
Assuming that the labour is the only variable factor of production for banana cakes, and each worker making banana cakes gets paid $21.00 per day. Refer to the table below and determine which...
Four joint products are produced from a refining process. In the past, no attempt has been made to apportion the joint costs and the Sales Manager obtained the best price he could for each product....
The following data relate to three joint products: Joint costs 35,000. Calculate the profit made by each product apportioning joint costs on: a. the sales value basis b. the physical basis. A B C...
In a rural area 12 mailboxes are located at a general store. a) If a news carrier has 20 identical fliers, in how many ways can she distribute the fliers so that each mailbox gets at least one flier?...
Consider a two-period model in which an individual needs to decide how much to consume in the present, c, and how much to consume in the future, c. The individual receives income, y, in the present,...
Koopman Company began operations on January 1, 2015, and uses the FIFO inventory method for financial reporting and the average cost inventory method for income taxes. At the beginning of 2017,...
Assume you have been given $400,000 CAD with access to all listed stocks, bonds, futures, and options worldwide. You can trade in options and futures, in combination with the underlying asset....
1.Basis of Islamic Accounting Theory The history of the birth of Islamic accounting is inseparable from the development of Islam, the obligation to record non-cash transactions (see QS. Al-Baqarah:...
What kind of information can you provide from the label on the door frame of a car? A scene of a car from drivers side a. factory recommended mileage a year b. factory recommended tire pressure c....
One of the capital expenditure projects included in a companys capital budget was a $10 million investment for the construction of a new manufacturing facility in South America. The preliminary...
Research an article from an online source, such as The Economist, Wall Street Journal, Journal of Economic Perspectives, American Journal of Agricultural Economics, or another academic journal. The...
As a Financial Analyst in the Finance Department of Zeta Auto Corporation they are seeking to expand production. The CFO asks you to help decide whether the firm should set up a new plant to...
Chapter 4 When an Auditor finds misstatements in entities financial statements which may be the result of fraudulent act, what should be the role of an auditor under that situation? (2 Points)
Suppose the following input prices are provided for each year: Required: $

Two products, X and Y, are produced from the same material. The material costs 95p per Kg

Question:

Materials Labour Overhead Total Process 1 144,000 21,000 15,000 180,000 2 10,000 18,000 28,000 144,000 31,000 33,000 208,000 Product Kgs. Sold X 30,000 Closing Stock (Kgs.) 15,000 Sales 52,500 Y 45,000 150,750

Step by Step Answer:

Costing

Students also viewed these Business questions