Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.70 per pound and the flakes for

Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $20.70 per pound and the flakes for $14.10 per pound. On average, 100 pounds of lobster are processed into 54 pounds of tails and 25 pounds of flakes, with 21 pounds of waste. Assume that the company purchased 3,300 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $7,300. No materials or labor costs are assigned to the waste. If 1,637 pounds of tails and 739 pounds of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending inventory. The company allocates joint costs on a value basis. (Round your answers to nearest whole number. Round cost per pound answers to 2 decimal places.)

?

image text in transcribed
Lobster Tails Lobster Flakes Lobster Tails ___-I-_- - Lobster Flakes Totals Lobster Tails Lobster Flakes Totals

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

Financial ACCT2

Authors: Norman H. Godwin, C. Wayne Alderman

2nd edition

9781285632544, 1111530769, 1285632540, 978-1111530761

Students also viewed these Accounting questions

Question

What is the relationship between present value and future value?

Answered: 1 week ago

Question

3 4 8 .

Answered: 1 week ago