9:55 AM ACC-550-Q2407 Cost Accounting 20TW2 70% Lavaughn jones 02/07/21 9:55 AM Homework: 9-1 MyAccounting Lab: Module Nine Homework Score: 0.36 of 5 pts E16-22 (similar to) 3 of 6 (6 complete) Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts Quality Chicken is computing the ending inventory values for Its July 31, 2017, balance sheet. Ending inventory amounts on July 31 are 25 pounds of breasts, 3 pounds of wings, 6 pounds of thighs, 6 pounds of bones, and 3 pounds of feathers. Save HW Score: 55.92%, 16.78 of 30 pts Question Help Quality Chicken's management wants to use the sales value at spinoff method. However, management wants you to explore the effect on ending inventory values of classifying one or more products as a byproduct rather than a joint product (Click to view information on the sales value at splitoff method) Read the requirements. Requirement 1. Assume Quality Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? (Round your answers to the nearest cent. Enter an amount for each product including zero balances.) Product Breasts Wings Thighs Bones Ending inventory value 0.37 1.00 0.18 Feathers Total 0.09 10.74 Requirement 2. Assume Quality Chicken uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2017, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? Begin by selecting the formula to calculate the joint costs to be allocated. Then enter the amounts and determine the amount. (NRV = Net Realizable Value.) Joint costs 30,00 Now use the table belo nearest cent and the al Reference Pounds of product Wholesale selling price per pound Sales value at stoff Weighting Sales value at splitoff Joint costs allocated Allocated costs per pound Pounds of product Wholesale selling price per pound Sales value at spitoff Weighting Sales Value at spitaff Breast Wings Thighs 100 20 40 joint costs to the Bones Feathers Total 80 10 2:50 $ 0.35 $ 0.20 $ 0.45 $ 0.05 $ 0.05 $ 35.00 $ 4.00 $18.00 $ 4.00 $ 0.50 $ 81.30 0.675 Joint costs allocated Allocated costs $ 33.75 $ 0.049 2.45 $ 0.221 11.05 $ 0.049 0.000 1.000 2.45 $ 0.30 $ 30.00 per pound $ 0.3375 $ 0.1225 $ 0.2703 $ 0.0306 $ Enter any number in the edit fields and then click Check Answer parts remaining Print Done 0.0300 Clear All Check Answer