ENT NAME QUESTION 1 Bubble Confection produces various candy products. Shown here are data of production and sales values of the 4 forms of taffy produced by its taffy department, using 80,000 pounds of specialized liquid sugar that cost $60,000. Instructions: Product Taffy blocks Taffy sticks If Processed Further Lbs. Produced Sales Value at Split-Off Additional Costs Sales Values 36,000 $45,000 $7,000 $48,000 16,000 $30,000 $9,000 $33,000 Taffy bites 24,000 $36,000 $14,000 $40,000 Liquid taffy 4,000 $9,000 $2,000 $11,000 80,000 $120,000 $32,000 $132,000 1. Compute the allocation of joint costs to each product under the (a) physical quantities method, (b) relative sales value method, and (c) net realizable value method (15 points). 2. Using the relative sales value method, determine the total cost of each product. Then calculate the cost of ending inventory, assuming each product had an ending inventory of 100 pounds. Round to nearest dollar (10 points). QUESTION 2: Year Shown here are data pertaining to 5 years of productions of BBB Co. 2014 The company plans to produce 145,000 units in 2019. 2015 Volume 100,000 120,000 Total Cost $4,020,000 $4,820,000 Determine the total costs for the 2019 production under the high-low method (5 points). 2016 80,000 $3,220,000 (Remember that all that is being marked for is the final number: the total cost. The rest of the fill-in for this problem is just for your convenience.) 2017 2018 130,000 $5,220,000 125,000 $5,020,000 QUESTION 3 Blessed Co. produces 1 product and sells it at a price of $70 each. To produce this product, it would cost $10 per unit on materials, $13 on labor, and $12 on variable factory overhead. In addition, sales commissions are 10% of the selling price. The company's fixed costs include $340,000 of fixed overhead, and $220,000 on fixed operating expenses. 1) Calculate the following (2 points each). a. The contribution margin per unit h The contribution margin ratio (percentage) Net Realizable Value Method Additional ON 1 Allocated Joint Physical Quantities Method Additional Total Allocated Joint Relative Sales Value Method Additional Total Allocated Joint Taffy blocks Taffy sticks Taffy bites Liquid taffy TOTALS ION 2 Highest Lowest Difference TION 3 B C D E F WORKSHEET (NOT FOR GRADING BUT FOR CONVENIENCE Total Cost per Unit Cost of Ending Inventor Cost Difference Volume Difference 2019 Variable Unit cost Variable Costs Fixed Costs 2019 volume Costs 2019 fixed Costs 2019 Production Costs I PART 2 ABSORPTION COSTING VARIABLE (DIRECT) COSTING