Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need correct journal enteries for the question attached!Below are additional information on additional costs and final sales value resulting from the truckload of apples

I need correct journal enteries for the question attached!Below are additional information on additional costs and final sales value resulting from the truckload of apples processed.
Required: You will need to use cell references in the development of your solution. All purchases and sales are on account.
Determine the joint cost. Please note that there should not be any deduction of the by-product revenue to the joint cost, since this company uses the other income approach.
Develop a table to show the allocation of joint costs to the joint products using the approximated net realizable value at split-off method to the two joint products.
You will need to track the processing of the different type of apples through the different processing departments and packaging department, which will be Work-in-process accounts.
The company uses a perpetual inventory system, so you will have WIP accounts for the products, too, along with finished goods account.
Assume all apples are 100% processed by the end of the month and all 3 types of apples are sold at the final sales value on account.
Please provide a description of the entry under each journal entry.
a. Record the purchase of apples on account.
b. Allocate joints costs to the clean and sort department.
c. Transfer the joint costs to the applicable joint products.
d. Record separable costs incurred in the cutting department.
e. Record the packaging cost incurred by each product.
f. Record the joint products being completed.
g. Record the appropriate entries to record the cost and the sell of the joint products.
h. Record the sell of the by-product on account.
image text in transcribed

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

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

Accounting For Non Accounting Students

Authors: John Dyson, Ellie Franklin

10th Edition

1292286938, 9781292286938

More Books

Students also viewed these Accounting questions

Question

=+ Interviews with key people. Which people?

Answered: 1 week ago

Question

=+ Judgmental assessment: personal experience or outside experts?

Answered: 1 week ago

Question

=+ On what criteria should the program be judged? 9

Answered: 1 week ago