Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

8 Lawn Products produces two products (X and Y ) and a by-product (Z) from a joint process using a raw materlal (Alpha). The company

image text in transcribed

8

Lawn Products produces two products (X and Y ) and a by-product (Z) from a joint process using a raw materlal (Alpha). The company chooses to allocate the costs on the basis of the physical quantitles method. Last month, It processed 23,000 pounds of Alpha at a total cost of $99,000. The output of the process consisted of 28,800 units of product X,35,200 units of product Y, and 7,100 units of by-product Z. By-product Z can be sold for $12,000. This is considered to be its net realizable value, which is deducted from the processing costs of the main products. Requlred: What amount of joint costs should be assigned to each of product X and product Y

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Finance

Authors: Prof Stephen Sunday Sharang Ph.D.

1st Edition

979-8639273353

More Books

Students also viewed these Accounting questions

Question

demonstrate the importance of induction training.

Answered: 1 week ago