Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the end of his company's first year in operation, Joseph is allocating costs to the company's three main products: wheat flour, bleached white

At the end of his company's first year in operation, Joseph is allocating costs to the company's three main products: wheat flour, bleached white flour, and baking flour. These three products are produced from one main process, which costs the company $121,000. The company produced 2,040 pounds of wheat flour, 6,970 pounds of bleached white flour, and 7,990 pounds of baking flour. Of the quantities produced, Joseph notes sales of 80%, 90%, and 60% of the wheat, white, and baking flour quantities available, respectively. Calculate how much of the joint costs will be allocated to each of the three joint products under the physical quantities method. (Round proportion to 2 decimal places, e.g. 0.25 and final answers to O decimal places, e.g. 5,125.) Allocated joint costs Wheat White VA Baking

Step by Step Solution

3.32 Rating (143 Votes )

There are 3 Steps involved in it

Step: 1

Lets start with the calculations Step 1 Calculate the total quantity produced for each product Total quantity produced Quantity of product sold Sales ... 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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

978-0073526706, 9780073526706

More Books

Students also viewed these Accounting questions