Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

five main parts OrganicChick grows and processes chickens. Each chicken is disassembled into Information pertaining to production in July 2018 is as follows: Parts Products

image text in transcribed

five main parts OrganicChick grows and processes chickens. Each chicken is disassembled into Information pertaining to production in July 2018 is as follows: Parts Products (kg) Selling Price when production is completed (S/kg) Breasts Wings Thighs Bones Feathers 120 40 60 100 30 0.60 0.30 0.50 0.20 0.10 Joint production cost in July 2018 was $70. Questions: 1. Compute joint production cost allocation using sales value at splitoff method 2. Compute joint production cost allocation using physical-measure method 3. Company is computing the ending inventory values for its July 31, 2018, balance sheet. Ending inventory amounts on July 31 are 25 kilograms of breasts, 12 kilograms of wings, 10 kilograms of thighs, 8 kilograms of bones, and 5 kilograms of feathers. What are the ending inventory values of each product on July 31, 2018 using sales value at splitoff method? 4. Refer to question 3, assume company uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2018, assuming breasts, wings, and thighs are the joint products, and bones, and feathers are byproducts? 5. Comment on differences in the results of question 3 and 4

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

Step: 3

blur-text-image

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

Accounting And Finance For Your Small Business

Authors: Eric James Burton, Steven M Bragg

1st Edition

9780471323600

More Books

Students also viewed these Accounting questions