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I have attached a file of 7 cost accounting questions I need completed. I haven't studied or read up on how to do this, and
I have attached a file of 7 cost accounting questions I need completed. I haven't studied or read up on how to do this, and I am stuck doing other classwork. Could someone please help me out?
Question #1 A company processes a patented chemical, D-12, and produces two outputs, C-30 and C-40. In March, the costs to process D-12 are $300,000 for materials and $460,000 for conversion costs. C-30 has a sales value of $1,000,000 and C-40 has a sales value of $290,000. Required Using the net realizable value method, assign costs to C-30 and C-40 for March. (Do not round intermediate calculations. Round final answers to the nearest dollar amount.) Question #2 Blasto, Inc., operates several mines. At one, a typical batch of ore run through the plant yields three products: lead, copper, and manganese. At the split-off point, the intermediate products cannot be sold without further processing. The lead from a typical batch sells for $105,000 after incurring additional processing costs of $51,000. The copper is sold for $145,000 after additional processing costs of $23,500, and the manganese yield sells for $125,000 but requires additional processing costs of $30,500. The joint costs of processing the raw ore, including the cost of mining, are $230,000 per batch. Required: Use the estimated net realizable value method to allocate the joint processing costs. (Do not round your intermediate calculations.) (Find the Cost Allocation for: Lead, Copper, and Manganese). Question #3 rand Company manufactures products Alpha and Beta from a joint process, which also yields a by-product, Gamma. Grand accounts for the revenues from its byproduct sales as other income. Additional information follows: Total 90,400 358,70 Allocated joint costs ? ? ?$ 0 Sales value at split380,00 296,00 52,00 728,00 $ $ $ $ off 0 0 0 0 Units produced Alpha 43,400 Beta Gamma 28,200 18,800 Required: Assuming that joint product costs are allocated using the net realizable value at split-off approach, what was the joint cost allocated to product Beta? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) (Joint cost of product Beta) Question #4 Douglas manufactures four grades of lubricant, W-10, W-20, W-30, and W-40, from a joint process. Additional information follows: If Processed Further Unit P s Sales Value rod Prod at Split-Off uct uced W10 49,0 00 $ 350, 000 Additional Costs $ 29,5 00 Sales Values $ 410, 000 W20 39,0 00 320, 000 32,0 00 380, 000 W30 34,0 00 120, 000 26,0 00 290, 000 W40 34,0 00 90,0 00 8,90 0 90,0 00 96,4 00 1,17 $ 0,00 0 156, 000 $ 880, 000 $ Required: Assuming that total joint costs of $220,000 were allocated using the sales value at split-off (net realizable value method), what joint costs were allocated to each product? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) (Figure out for: W-10, W-20, W-30, W-40) Question #5 Douglas manufactures four grades of lubricant, W-10, W-20, W-30, and W-40, from a joint process. Additional information follows: If Processed Further P Units rod Prod uct uced Sales Value at Split-Off W35,00 10 0 $ 260,0 00 Additional Costs $ 25,00 0 Sales Values $ 320,0 00 W24,00 20 0 230,0 00 23,00 0 260,0 00 W25,00 30 0 170,0 00 17,00 0 200,0 00 W41,00 40 0 90,00 0 8,000 90,00 0 125,0 00 $ 750,0 00 $ 73,00 0 $ 870,0 00 Required: Assuming that total joint costs of $200,000 were allocated using the physical quantities method, what joint costs were allocated to each product? (Do not round your intermediate calculations.) (Figure out for: W-10, W-20, W-30, W-40) Question #6 The following questions relate to Kyle Company, which manufactures products KA, KB, and KC from a joint process. Joint product costs were $131,000. Additional information follows: If Processed Further Units Produced Product Sales Value at SplitOff Sales Values Additional Costs KA 59,000 KB 38,000 KC 19,000 $ 140,00 240,00 $ 0 0 120,00 220,00 0 0 190,00 110,000 0 $38,000 28,000 18,000 Required: (a Assuming that joint product costs are allocated using the physical quantities ) (units produced) method, what was the total cost of product KA (including $38,000 if processed further)? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) (Total Cost of Product KA) (b Assuming that joint product costs are allocated using the sales value at split-off ) (net realizable value method), what was the total cost of product KB (including the $28,000 if processed further)? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) (Total cost of Product KB) Question #7 Trans-Pacific Lumber runs a mill in the Northwest that produces two grades of lumber, A and B, and a by-product, sawdust. The company chooses to allocate the costs on the basis of the physical quantities method. Last month, it processed 150,000 logs at a total cost of $320,000. The output of the process consisted of 30,000 units of grade A, 65,000 units of grade B, and 80,000 units of sawdust. The sawdust can be sold for $35,000. This is considered to be its net realizable value, which is deducted from the processing costs of the main products. Required: What share of the joint costs should be assigned to grade A and grade B? (Do not round your intermediate calculations.) (What is the Joint costs for Grade A, and Grade B?)Step by Step Solution
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