Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started