please help me to do the requirement 2 part c NRV(I put 74.57%, 48.70% is incorrect)
P16-34 (similar to) Question Help The Cocoa Nibs Edibles Factory manufactures and distributes chocolate products. (Click the icon to view more information about Cocoa Nibs.) Production and sales data for August 2017 are as follows (assure no beginning inventory): (Click the icon to view the data.) Read the requirements Requirement 1. Calculate how the joint costs of $68,000 would be allocated between chocolate powder and milk chocolate under the different methods a. Sales value at splitoft method. Begin by entering the appropriate amounts to allocate the joint costs. {Round the weighting More Info Sales value of total Joint costs production at splitoff Weighting allocated - Cocoa beans processed, 19,800 pounds Chocolate powder $ 15,840 0.4000 $ 27,200 Costs of processing cocoa beans to splitoff point (including purchase of beans), $68,000 Milk chocolate 23,760 0.6000 40,300 Separable 39,600 1.0000 $ Sales Production $ Total 68,000 Selling Price Processing Costs Chocolate powder 14,740 pounds 6,700 pounds $12 por pound $ 8,975 b. Allocate the joint costs using the physical measure method. Begin by entering the appropriate amounts to allocate the joint Milk chocolate 23,980 pounds 14,500 pounds $10 per pound $ 91,095 Physical measure of Joint costs Cocoa Nibs Edibles Factory fully processes both of its intermediate products into chocolate powder or milk chocolate total production Weighting allocated There is an active market for these intermediate products. In August 2017, Coca Nibs Edibles Factory could have s the chocolate-powder liquor base for $24 a gallon and the milk-chocolate liquor base for $9 a gallon. Chocolate powder 660 0.2000 S 13,600 Milk chocolate 2.640 0.8000 54,400 * More Info 3.300 1.0000 S 68.000 Total arest whole C. Allocate the joint costs using the net realizable value method. Begin by entering the appropriate amounts to allocate the joint costs. dollar) Net realizable value Joint costs Weighting allocated 0.5303 S 36,060 0.4697 31,940 It purchases cocoa beans and processes them into two intermediate products: chocolate powder liquor base and milk-chocolate liquor base. These two intermediate products become separately identifiable at a single splitoff point. Every 900 pounds of cocoa beans yields 30 gallons of chocolate powder liquor base and 120 gallons of milk chocolate liquor base. The chocolate powder liquor base is further processed into chocolate powder. Every 30 gallons of chocolate powder liquor base yield 670 pounds of chocolate powder. The milk-chocolate liquor base is further processed into milk chocolate. Every 120 gallons of milk-chocolate liquor base yield 1,090 pounds of milik chocolate Chocolate powder $ 167,905 148,705 Milk chocolate Enter any number in the edit fields and then click Check Answer. c. Allocate the joint costs using the net realizable value method. Begin by entering the appropriate amounts to allocate the joint costs. (Round the weighting amounts to four decimal places. Round the joint costs allocated to the nearest whole dollar.) Net realizable More Info value Joint costs Welghting allocated 0.5303 $ 36,060 0.4697 31,940 Chocolate powder $ 167,905 148,705 Milk chocolate $ 316,610 1.0000 $ 68.000 Total d. Constant gross-margin percentage NRV method. Begin by entering the appropriate amounts to allocate the joint costs. (RO Cocoa beans processed, 19,800 pounds . Costs of processing cocoa beans to splitoff point (including purchase of beans). $68,000 Separable Production Sales Selling Price Processing Costs Chocolate powder 14,740 pounds 6,700 pounds $12 per pound S 8,975 Milk chocolate 23,980 pounds 14,500 pounds $10 per pound S 91,095 Cocoa Nibs Edibles Factory fully processes both of its intermediate products into chocolate powder or milk chocolate There is an active market for these intermediate products. In August 2017, Cocoa Nibs Edibles Factory could have the chocolate powder liquor base for S24 a gallon and the milk-chocolate liquor base for $9 a gallon. The overall gross-margin percentage for all joint products together is 59.6845 % Now determine the formula to compute the joint costs allocated, then enter the appropriate amounts. (Round your answers to Chocolate powder $ Total production costs - Separable processing costs Joint costs allocated 71,345 - 8,975 = $ 62,370 96,725 91,095 - S 5,630 More Info Milk chocolate $ the methods in require entages to the Requirement 2. What are the gross-margin percentages of chocolate powder and milk chocolate under each nearest hundredth percent, X.XX%.) Chocolate powder 79.51 % 87.22 % a. Sales value at splitoff It purchases cocoa beans and processes them into two intermediate products: chocolate-powder liquor base and milk-chocolate liquor base. These two intermediate products become separately identifiable at a single splitoff point. Every 900 pounds of cocoa beans yields 30 gallons of chocolate-powder liquor base and 120 gallons of milk-chocolate liquor base. Milk chocolate 45.00 % 39.34 % b. Physical-measure c. NRV 74.57 % 48.70 % The chocolate powder liquor base is further processed into chocolate powder. Every 30 gallons of chocolate powder liquor base yield 670 pounds of chocolate powder. The milk-chocolate liquor base is further processed into milk chocolate. Every 120 gallons of milk-chocolate liquor base yleld 1,090 pounds of milk chocolate Enter any number in the edit fields and then click Check
