Question
Gasoline Heating Oils Kerosene Total Market value of gallons sold P400,000 P285,000 P365,400 Market value per gallon P10 P6 P7 Beginning Inventory 10,275 20,000 25,000
Gasoline Heating Oils Kerosene
Total Market value of gallons sold P400,000 P285,000 P365,400
Market value per gallon P10 P6 P7
Beginning Inventory 10,275 20,000 25,000
The above chart was used by the GET Rich Company for allocating P450,000 of joint costs incurred in March 7 for Department A.
During March the company had no ending inventory. No additional processing costs were incurred. The GET Rich Company uses a process cost system. If management decided to use the physical output method to allocate joint costs, what would be the joint cost for Gasoline?
Step by Step Solution
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Step: 1
To determine the joint cost for Gasoline using the physical output method we need to allocate the jo...
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Step: 2
Step: 3
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
