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Pls proofread these answers. Thankyou. Shalom Manufacturing Company processes a raw material that results in three products: Product X, Product Y, and Product Z. In
Pls proofread these answers. Thankyou.
Shalom Manufacturing Company processes a raw material that results in three products: Product X, Product Y, and Product Z. In May, joint costs amounted to P480,000.00 Units produced: X - 24,000 Y - 21,000 Z - 15,000 Joint Product Units produced Ratio Allocated Cost Cost Per Unit Product X 8 Product Y 8 24,000 21,000 15,000 60,000 40% 35% 25% 100% 192000 168000 120000 480,000 Product Z 8 Income Statement Joint Products Product Y Product X Product Z TOTAL Revenue Cost of Goods Sold: Production cost less: Ending Inventory Cost of Goods Sold(JC) Gross Profit 192000 96,000 96,000 168000 64,000 104,000 120000 49,600 70,400 480000 209,600 270,400 GP rate Shalom Manufacturing Company processes a raw material that results in three products: Product A, Product B, and Product C. In March, joint costs amounted to P600,000.00 Units produced A - 45,000 B - 60,000 C-50,000 Sales value at split-off: A-240,000.00 B - 150,000.00 C-210,000.00 Joint Products Units Produced Sales Value at Split-off Ratio Joint Cost Allocated Cost Cost per product 5.33 Product A Product B Product C 45,000 60,000 50,000 155,000 0.4 0.25 0.35 240000 150000 240,000 150,000 210,000 600,000 600,000 600.000 600.000 2.5 4.2 210000 600000 Income Statement Joint Products Product B Product A Product C TOTAL Revenue Cost of Goods Sold: Production cost less: Ending Inventory Cost of Goods Sold(JC) Gross Profit GP rate 240,000 85,280 154,720 150,000 80,000 70,000 210,000 92,400 117,600 600,000 257,680 342,320Step by Step Solution
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