Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information
Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: If Processed Further Additional Costs $ 34,300 Sales Values $ 276,000 306,000 Product Chem-1 Units Produced 304,000 Sales Value at Split-Off Chem-2 192,000 $ 236,000 280,000 31,000 Chem-3 208,000 Chem-4 160,000 165,600 262,400 26,500 27,900 196,000 286,000 864,000 $ 944,000 $ 119,700 $ 1,064,000 Required: Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Product Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started