Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please excuse messy graph lol. Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for 119.80 per
Please excuse messy graph lol.
Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for 119.80 per pound and the flakes for 115.20 per pound. On average, 100 pounds of looster are processed into 12 pounds of tails and 28 pounds of flakes, wnb 10 pounds of wasthe.. Assume that the company purchased 3.900 pounds of lobster for $4 per pound and processed the lobsters with an additional labor cost of $6.000. No materials. or labor costs are assigned to the waste If 2.268 pounds of tails and 1,012 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 a decimal places) anoate per 39056 Yeild 390016 Purchase COS to be allocated pour market valve percent of market valve per cob purchase wer denominator 19.04 purchase ker ? 2 2 lobster tais ? ? ? 2 2 er faces Totals goods sold D what is the allocated cot of the sold items? cost per pourds Cost of Sold pound lobster tails 2 ? ? Tolofter flakes ? ? 2 Totals Sold goods sold 2) what is the allocated cost of the ending inventory? cost per pounds cost of pound Tooster tails 2 ? lobster flakes ? ? 2 Totals 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