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Top Notch Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 2017 is as follows EEB (Click the icon to view the information.) Joint cost of production in July 2017 was $40 Aspecial shipment of 70 pounds of breasts and 15 pounds of wings has been destroyed in a fire Top Notch Chicken's insurance policy provides reimbursement for the cost of the items destroyed. The insurance company permits Top Notch Chicken to use a joint-cost-allocation method. The splitoff point is assumed to be at the end of the production process Read the requirements Requirement 1a. Compute the cost of the special shipment destroyed using the sales value at splitoff method. Complete the table below to assist you. (Round the weighting to three decimal places and the allocated costs per pound to four decimal places. Round all other amounts to the nearest cent.) Total Breast Wings Thighs Bones Feathers 200 Data Table Pounds of product Wholesale selling price 90 25 35 0.05 $ per pound Sales value at splitoff Weighting: Sales value 0.65 S 0.25 S 0.30 $ 0.10 S 58.50 S 6.25 S 10.50 S 225 S0.50 S 78.00 Wholesale Selling Price per Pound When Production is Complete 0.65 0.25 0.30 0.05 0.10 Parts Pounds of Product 90 25 35 45 0.750 0.135 5.38 1.000 0.080 0.029 0.006 Breast at splitoff Joint costs allocated Allocated costs per pound 30.00 321 538 1.15 026 40.00 Wings Thighs Bones Feathers 0.0256 0.0513 S 0.3333 0.1282 0.1538 Requirements Print Done 1. Compute the cost of the special shipment destroyed using the following a. Sales value at splitoff method Physical-measure method (pounds of finished product) b. What joint-cost-allocation method would you recommend Top Notch Chicken use? Explain. 2. Top Notch Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 2017 is as follows EEB (Click the icon to view the information.) Joint cost of production in July 2017 was $40 Aspecial shipment of 70 pounds of breasts and 15 pounds of wings has been destroyed in a fire Top Notch Chicken's insurance policy provides reimbursement for the cost of the items destroyed. The insurance company permits Top Notch Chicken to use a joint-cost-allocation method. The splitoff point is assumed to be at the end of the production process Read the requirements Requirement 1a. Compute the cost of the special shipment destroyed using the sales value at splitoff method. Complete the table below to assist you. (Round the weighting to three decimal places and the allocated costs per pound to four decimal places. Round all other amounts to the nearest cent.) Total Breast Wings Thighs Bones Feathers 200 Data Table Pounds of product Wholesale selling price 90 25 35 0.05 $ per pound Sales value at splitoff Weighting: Sales value 0.65 S 0.25 S 0.30 $ 0.10 S 58.50 S 6.25 S 10.50 S 225 S0.50 S 78.00 Wholesale Selling Price per Pound When Production is Complete 0.65 0.25 0.30 0.05 0.10 Parts Pounds of Product 90 25 35 45 0.750 0.135 5.38 1.000 0.080 0.029 0.006 Breast at splitoff Joint costs allocated Allocated costs per pound 30.00 321 538 1.15 026 40.00 Wings Thighs Bones Feathers 0.0256 0.0513 S 0.3333 0.1282 0.1538 Requirements Print Done 1. Compute the cost of the special shipment destroyed using the following a. Sales value at splitoff method Physical-measure method (pounds of finished product) b. What joint-cost-allocation method would you recommend Top Notch Chicken use? Explain. 2
