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The Horn Company operates a simple chemical process to convert a single material into three separate items, referred to here as X,Y, and Z. All three end products are separated simultaneously at a single splitoff point. (Click the icon for additional information.) During 2020 , the selling prices of the items and the total amounts sold were as follows: (Click the icon to view the sales information.) Read the requirements. More info Products X and Y are ready for sale immediately upon splitoff without further processing or any other additional costs. Product Z, however, is processed further before being sold. There is no available market price for Z at the splitoff point. - X100 tons sold for $1,200 per ton - Y280 tons sold for $900 per ton - Z540 tons sold for $600 per ton The total joint manufacturing costs for the year were $352,000. Horn spent an additional $200,000 to finish product Z. There were no beginning inventories of X,Y, or Z. At the end of the year, the following inventories of completed units were on hand: X, 300 tons; Y, 120 tons; Z, 60 tons. There was no beginning or ending wark in nrocess Net realizable value of total production at splitoff Weighting Salculate the joint costs allocated to each of the three products and enter them into the table below. Noxt, enter the additional costs to process each product after he split, it any, to determine the total production costs of each product using the NRV method. (Enter a "O" for any cells with a zero balance.) Determine the formula needed to compute the cost of goods sold using the NRV methiod (x. 1= I = Cost of goods sold (NRV method) Compute the cost of goods sold for income statement purposes as of December 31, 2vel using the NRV cost allocatlon method Compute the cost of goods sold for income statement purposes as of December 31,2017, using the NRV cost allocation method. Determine the formula needed to compute the cost of ending inventory using the NRV method Compute the cost of inventories of X,Y, and Z for balance sheet purposes as of December 31 , 2a.7, using the NRV cost allocation metho 2010 requirement B below (b) Compute the cost of inventories of X,Y, and Z for balance sheet purposes and the cost of goods sold for income statement purposes as of December 31 . using the constant gross-margin percentage NRV cost allocation method Cooks constant gross-margin percentage for the period ending Docomber 31. 2unt is Detemine the total costs to produce the products under the constant gross-margin percentage NRV cost alocation method Compute the cost of inventories of X,Y, and Z for balance sheet purposes as of December 31, 2017, using the constant gross-margin percentage NRV cost illocation method. Requirement 2. Compare the gross margin percentages for X. , and Z using the two methods given in requirement 1 . (Round the gross margin percentages to decimal place. X% )
