Please help with the remaining requirements and thank you! (The data is below the requirements)
Farm Grown Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Farm Grown Chicken Farm Grown Chicken's management wants to use the sales value at splitoff method. However, management wants you to is computing the ending inventory values for its July 31, 2017, balance sheet. Ending inventory amounts on July 31 are 20 explore the effect on ending inventory values of classifying one or more products as a byproduct rather than a joint product. pounds of breasts, 3 pounds of wings, 4 pounds of thighs, 5 pounds of bones, and 2 pounds of feathers. Click to view information on the sales value at splitoff method.) Read the requirements. Breasts $ 7.10 0.53 Wings Thighs 0.83 Bones 0.15 0.06 Feathers $ 8.67 Total Requirement 2. Assume Farm Grown 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? Begin by selecting the formula to calculate the joint costs to be allocated. Then enter the amounts and determine the amount. (NRV = Net Realizable Value.) Joint costs NRV of byproducts Joint costs to be allocated $ 100.00 $ 21.00 79.00 Now use the table below to calculate the allocated costs per pound for the breasts and thighs. (Round the weights to three decimal places, the joint costs to the nearest cent and the allocated costs per pound to four decimal places.) Breast Thighs Total 200 80 Pounds of product Wholesale selling price $ 0.60 $ 0.35 $ 120.00 $ 28.00 per pound Sales value at splitoff Weighting: Sales value at splitoff Joint costs allocated Allocated costs per pound - X Requirements 1. 2. Assume Farm Grown Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? Assume Farm Grown 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. breasts 3. - X Reference Breast Wings Thighs Bones Feathers Total Pounds of product 200 40 80 160 20 500 Wholesale selling price $ 0.60 $ 0.30 $ 0.35 $ 0.05 $ 0.05 $ 120.00 $ 12.00 $ 28.00 $ 8.00 $ 1.00 $ 169.00 per pound Sales value at splitoff Weighting: Sales Value at splitoff Joint costs allocated 0.710 0.071 0.166 0.047 0.006 1.000 $ 71.00 $ 7.10 $ 16.60 $ 4.70 $ 0.60 $ 100.00 Allocated costs per pound $ 0.3550 $ 0.1775 $ 0.2075 $ 0.0294 $ 0.0300
