Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me! Approximated net realizable value method and sell or process further Lauren Inc. makes three products that can be sold at split-off or

image text in transcribed

image text in transcribed

Please help me!

Approximated net realizable value method and sell or process further Lauren Inc. makes three products that can be sold at split-off or processed further and then sold. The joint cost for April is $1,512,000. The number of ounces in a bottle of each product is: perfume, one; eau de toilette, two; and body splash, three. Assume that all products are processed further after split-off. a. Allocate the joint cost based on the number of bottles, weight, and approximated net realizable values at split-off. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. Determine the values of the inventories based on answers obtained in (a). Note: Round your final answer to the nearest whole dollar. 1. Allocation by bottles 2. Allocation by weight 3. Allocation by approximated NRV

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Conducting Church Audits A Guide For Internal Auditors

Authors: Jeremy W Odom

1st Edition

0997095628, 978-0997095623

More Books

Students also viewed these Accounting questions