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Please help with all 3 requirements Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Quality Chicken is computing the
Please help with all 3 requirements
Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Quality Chicken is computing the ending inventory values for its July 31, 2017, balance sheet Ending inventory amounts on July 31 are 15 pounds of breasts, 4 pounds of wings, 6 pounds of thighs, 5 pounds of bones, and 2 pounds of feathers Reference Breast Wings Thighs Bones Feathers Total 100 20 40 80 10 250 S 0.20 $ 0.35 S 0.10 $ 0.05 Pounds of product Wholesale seling price per pound Sales value at splitoff Weighting: Sales Value at splitoff Joint costs allocated 0.55 S 55.00 $ S 4.00 $ 14.00 $ 8.00 $ 0.50 $ 81.50 0.049 0.098 0.006 1.000 0.675 33 75 5 0.172 8.60 $ $ 2.45 $ 4.90 $ 0.30 $ 50.00 Allocated costs per pound S 0.3375 S 0.1225 $ 0.2150 S 0.0613 S 0.0300 Print 0 Requirements 1. 2. Assume Quality Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? Assume Quality Chicken uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2017, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? Comment on differences in the results in requirements 1 and 2 3. oneStep by Step Solution
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