Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the month of July, the manufacturing Company X had zero units in beginning inventory of any kind, and started 1,200 units of which... 700

image text in transcribedimage text in transcribed For the month of July, the manufacturing Company "X" had zero units in beginning inventory of any kind, and started 1,200 units of which... 700 good units were completed and shipped out; 107 units were in WIP at the end of the month. $100,000 was spent on materials during the month (all incurred at the beginning of the manufacturing process). "Normal spoilage" is budgeted at 30% of the completed & shipped out good units. Inspections occur at the end of the manufacturing process. For the month of July "abnormal spoilage" was 183 units 210 units 190 units 400 units Product "S" is eventually sold for $80,000. It's "separable costs" after the splitoff point are $45,000. Product "T" is eventually sold for $130,000. It's "separable costs" after the splitoff point are $95,000. Using the NRV method how much of the $45,000 joint costs should be allocated to "S" & "T" Product S: $10,000 Product T: $35,000 O none of the listed answers are correct Product S: $22,500 Product T: $22,500 Product S: $35,000 Product T: $10,000

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

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

6th Canadian edition

1118644948, 978-1118805084, 1118805089, 978-1118644942

More Books

Students also viewed these Accounting questions