Answered step by step
Verified Expert Solution
Question
1 Approved Answer
only missing the allocated costs Grade of walnuts Number 1 Number 2 Number 3 Total Sales $ 450,000 300,000 187,500 $ 937,500 The company incurred
only missing the allocated costs
Grade of walnuts Number 1 Number 2 Number 3 Total Sales $ 450,000 300,000 187,500 $ 937,500 The company incurred the following joint costs for the year. Tree pruning and care Pickup, sorting, and grading $ 405,000 202,500 Required: 1. Use the value basis to allocate joint costs to the three grades of walnuts on the basis of sales value. Allocated Cost Allocation of joint costs on the basis of sales values Grade Allocation Base Percent of Allocation Base * Indirect Cost Numbers Sales value Numerator Denominator % of Total Number 1 $ 450,000 $ 450,000 $ 937,500 48.0% $ 607,500 Number 2 300,000 300,000 937,500 32.0% 607,500 Number 3 187,500 187,500 937,500 20.0% 607,500 Totals $ 937,500 100.0% $ 607,500 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