Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Need help with solving the rest of the problem. And how was the 31, 48, and 21 percentages calculated? Thank you !!! Organic Farm Company

image text in transcribedimage text in transcribed

Need help with solving the rest of the problem. And how was the 31, 48, and 21 percentages calculated? Thank you !!!

Organic Farm Company processes tomatoes into ketchup, tomato juice, and canned tomatoes. During July 2020, the joint costs of processing the tomatoes were $2,089,000. The company maintains no inventories. Production and sales information follows: (Click the icon to view the production and sales information.) Determine the amount of joint cost allocated to each product if Organic Farm uses the estimated net realizable value method. What is the cost per case for each product? Begin by determining the amount of joint cost allocated More info es to the nearest whole number.) Final Total Net Sales Separable Realizable Product Product Cases Value Selling Price Sales Value at Splitoff Point Separable Costs $8 per case $4 per case $9 per case $8 per case Costs Value 420,000 $ 2,730,000 1,384,000 4,325,000 Ketchup 105,000 Ketchup $30 per case $ 3,150,000 $ 5,709,000 Juice 173,000 $33 per case Juice Canned 208,000 $4 per case $2 per case Canned $11 per case 2,288,000 1,872,000 416,000 Print Done Organic Farm Company processes tomatoes into ketchup, tomato juice, and canned tomatoes. During July 2020, the joint costs of processing the tomatoes were $2,089,000. The company maintains no inventories. Production and sales information follows: (Click the icon to view the production and sales information.) Determine the amount of joint cost allocated to each product if Organic Farm uses the estimated net realizable value method. What is the cost per case for each product? Begin by determining the amount of joint cost allocated to each product if Organic Farm uses the estimated net realizable value method. (Round the percentages to the nearest whole number.) Final Total Net Total Total Sales Separable Realizable Joint Costs Separable Product Product Value Costs Value Percentage Costs Allocated Costs Costs Ketchup $ 3,150,000 $ 31 % Juice 5,709,000 2,288,000 420,000 $ 2,730,000 1,384,000 4,325,000 416,000 1,872,000 48 % Canned 21 %

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

Fundamentals Of Financial Management

Authors: Eugene F. Brigham, Joel F. Houston

16th Edition

9780357517574

Students also viewed these Accounting questions