for balance shootou sing the net rea More info Y ober 21 2017 ing the (a) NRV, and the (b) constant gross-margim - X ghts to two decimal places.) Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for Z at the splitoff point. The selling prices quoted here are expected to remain the same in the coming year. Print Done December 24 2017ing the (a) NRV, and the (b) constar - ghts to two decimal places.) or balance sheet mg the net rea Y More info X-96 tons sold for $1,500 per ton Y-340 tons sold for $1,000 per ton Z-280 tons sold for $600 per ton The total joint manufacturing costs for the year were $410,000. Cook spent an additional $180,000 to finish product Z. There were no beginning inventories of X. Y, or Z. At the end of the year, the following inventories of completed units were on hand: X, 224 tons; Y, 60 tons; Z, 220 tons. There was no beginning or ending work in process. Print Done nd Z for balans al mputing t Requirements December 21 2017 in the NRV, and the (b) constan -X o decimal places.) 1. Compute the cost of inventories of X, Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31, 2017, using the following joint-cost-allocation methods: a. NRV (Net realizable value) method b. Constant gross-margin percentage NRV method 2. Compare the gross-margin percentages for X, Y, and Z using the two methods given in requirement 1. Print Done Homework: Chapter 16 Homework Question 3, E16-25 (similar to) Part 1 of 14 The Cook Company operates a simple chemical process to convert a single material into three separate items, referred to here as X, Y, and Z. All three end products are separated simultaneously at a single splitoff point. (Click the icon for additional information.) During 2017, (Click thom Read the Requirement 1. Compute the cost of inventories of X, Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as c allocation methods. (a) Start with the NRV cost allocation method. Begin by computing the net realizable value for total production at the point of splitoff and the weighting for ea X Y Z Total Net realizable value of total production at splitoff Weighting Part 1 of 14 erred to here Points: 0 of 1 During 2017, the selling prices of the items and the total amounts sold were as follows: (Click the icon to view the sales information.) Read the (equirements s sold for income statement purposes as of December 31, 2017, using the (a) NRV, and the (b) constant gross-margin percentage NRV cost the point of splitoff and the weighting for each product. (Enter the weights to two decimal places.) Read the Gramene Requirement 1. Compute the cost of inventories of X, Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December allocation methods. (a) Start with the NRV cost allocation method. Begin by computing the net realizable value for total production at the point of splitoff and the weighting for each product. D Net realizable value of total production at splitoff Y Z Total Weighting