Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Bismite Corporation purchases trees from Cheney lumber and processes them up to the splitoff point where two products (paper and pencil casings) are obtained. The

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Bismite Corporation purchases trees from Cheney lumber and processes them up to the splitoff point where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October. Trees processed: 250 trees Production: paper pencil casings Sales: paper pencil casings 270,000 sheets 270,000 261,000 at $0.14 per page 267,000 at $0.21 per casing The cost of purchasing 250 trees and processing them up to the splitoff point to yield 270,000 sheets of paper and 270,000 pencil casings is $18,750. Bismite's accounting department reported no beginning inventory Q. What is the cost of goods sold (COGS) Gjoint costs) for pencil casing? (put the final answer only) Enter your answer Bismite Corporation purchases trees from Cheney lumber and processes them up to the splitoff point where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October. Trees processed: 250 trees Production: paper pencil casings Sales: paper pencil casings 270,000 sheets 270,000 261,000 at $0.14 per page 267,000 at $0.21 per casing The cost of purchasing 250 trees and processing them up to the splitoff point to yield 270,000 sheets of paper and 270,000 pencil casings is $18,750. Bismite's accounting department reported no beginning inventory Q. How many sheets left in inventory after selling 261,000 sheets? (put the final answer only) Enter your answer Bismite Corporation purchases trees from Cheney lumber and processes them up to the splitoff point where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October Trees processed: 250 trees Production: paper pencil casings Sales: paper pencil casings 270,000 sheets 270,000 261,000 at $0.14 per page 267,000 at $0.21 per casing The cost of purchasing 250 trees and processing them up to the splitoff point to yield 270,000 sheets of paper and 270,000 pencil casings is $18,750. Bismite's accounting department reported no beginning inventory Q. If the sales value at splitoff method is used, what are the approximate joint costs (not the total production cost) assigned to ending inventory for paper? (put the final answer only) Bismite Corporation purchases trees from Cheney lumber and processes them up to the splitoff point where two products (paper and pencil casings) are obtained. The products are then sold to an independent company that markets and distributes them to retail outlets. The following information was collected for the month of October Trees processed: 250 trees Production: paper pencil casings Sales: paper pencil casings 270,000 sheets 270,000 261,000 at $0.14 per page 267,000 at $0.21 per casing The cost of purchasing 250 trees and processing them up to the splitoff point to yield 270,000 sheets of paper and 270,000 pencil casings is $18,750. Bismite's accounting department reported no beginning inventory. Q. What are the paper's and the pencil's approximate weighted cost proportions using the sales value at splitoff method, respectively? (put the final answer only) Enter your answer AHMAD owns a factory that produces Fabric, this factory is using the reciprocal allocation method. The following data from operations were collected for analysis: Budgeted manufacturing overhead costs: Plant Maintenance PM (Support Dept) Data Processing DP (Support Dept) Machining M(Operating Dept) Capping C(Operating Dept) $350,000 $ 75,000 $225,000 $125,000 Services furnished: By Plant Maintenance (budgeted labor-hours): to Data Processing to Machining to Capping By Data Processing (budgeted computer time): to Plant Maintenance to Machining to Capping 3,500 5,000 8,200 600 3,500 600 Q. What is the complete reciprocated cost of the data processing department? $148,353 O $152,432 $369,459 $393,750

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_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

Sound Investing, Chapter 6 - Valuation Of Assets And Liabilities

Authors: Kate Mooney

1st Edition

0071719288, 9780071719285

More Books

Students explore these related Accounting questions