Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Have asked this question earlier, answer was wrong, as are all the other answers that are similar problems, HELP!!! Problem 7-48 Joint Products; By-Products (Appendix)

image text in transcribed

Have asked this question earlier, answer was wrong, as are all the other answers that are similar problems, HELP!!! Problem 7-48 Joint Products; By-Products (Appendix) [LO 7-6, 7-7] The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, Incurring separable processing costs. There is a $2,300 disposal cost for the by-product. A summary of a recent month's activity at Marshall is shown below: 0/5 points awarded Scored Units sold Units produced Separable processing costs-variable Separable processing costs-fixed Sales price Ying 115,000 115,000 $322,000 $ 23,000 $ 6.00 Yang 92,000 92,000 $98,900 $ 17,000 $ 12.50 Bit 23,000 23,000 $ - $ - $ 1.50 Total joint costs for Marshall in the recent month are $302.200, of which $129,946 is a variable cost. Required: 1. Calculate the manufacturing cost per unit for each of the three products. (Round manufacturing cost per unit answers to 2 decimal places.) 2. Calculate the total gross margin for each product. Answer is complete but not entirely correct. Manufacturing cost per unit Total gross margin Ying 3.93 $ 238,014 $ Yang 3.18 856,984 $ $ Blt 0.75 17,302 $ Manuactering ocst zerunt Total gross magi Ying Yang 3 $ 389 25624$ 764.95 Bit .10 220

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Financial Accounting

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

10th edition

978-0078025624

Students also viewed these Accounting questions