Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

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. one

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting Information For Decisions

Authors: Thomas L. Albright , Robert W. Ingram, John S. Hill

4th Edition

0324222432, 978-0324222432

More Books

Students also viewed these Accounting questions