Problem 1 Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes During the summer of 20X2, the joint costs of processing the tomatoes were $420,000 There was no beginning or ending inventories for the summer Production and sales value information for the summer is as follows Product Cases Sales Value at Splitoff Point Separable Costs Selling Price Catsup 100,000 $6 per case $3 00 per case $28 per case Juice 150,000 8 per case 5 00 per case 25 per case Canned 200,000 5 per case 2 50 per case 10 per case Question Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product (10 points) Problem 2 Zenon Chemical, Inc processes pine rosin into three products turpentine, paint thinner, and spot remover During May, the joint costs of processing were $240,000 Production and sales value information for the month is as follows Product Units Produced Sales Value at Splitoff Point Turpentine 6,000 liters $60,000 Paint thinner 6,000 liters 50,000 Spot remover 3,000 liters 25,000 Question Determine the amount of joint cost allocated to each product if the physical measure method is used (10 points) Problem 3 Oregon Lumber processes timber into four products During January, the joint costs of processing were $280,000 There was no inventory at the beginning of the month Production and sales value information for the month is as follows Sales Value at Product Board feet Splitoff Point Ending Inventory 2 x 4's 6,000,000 $0 30 per board foot 500,000 bdft 2 x 6's 3,000,000 0 40 per board foot 250,000 bdft 4 x 4's 2,000,000 0 45 per board foot 100,000 bdft Slabs 1,000,000 0 10 per board foot 50,000 bdft Question Determine the value of ending inventory if the sales value at splitoff method is used for product costing Round to three decimal places when necessary (10 points) Problem 1 Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes During the summer of 20X2, the joint costs of processing the tomatoes were $420,000 There was no beginning or ending inventories for the summer Production and sales value information for the summer is as follows Product Cases Sales Value at Splitoff Point Separable Costs Selling Price Catsup 100,000 $6 per case $3 00 per case $28 per case Juice 150,000 8 per case 5 00 per case 25 per case Canned 200,000 5 per case 2 50 per case 10 per case Question Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product (10 points) Problem 2 Zenon Chemical, Inc processes pine rosin into three products turpentine, paint thinner, and spot remover During May, the joint costs of processing were $240,000 Production and sales value information for the month is as follows Units Produced Sales Value at Splitoff Point Turpentine 6,000 liters $60,000 Paint thinner 6,000 liters 50,000 Spot remover 3,000 liters 25,000 Product Question Determine the amount of joint cost allocated to each product if the physical measure method is used (10 points) Problem 3 Oregon Lumber processes timber into four products During January, the joint costs of processing were $280,000 There was no inventory at the beginning of the month Production and sales value information for the month is as follows Sales Value at Product Board feet Splitoff Point Ending Inventory 2 x 4's 6,000,000 $0 30 per board foot 500,000 bdft 2 x 6's 3,000,000 0 40 per board foot 250,000 bdft 4 x 4's 2,000,000 0 45 per board foot 100,000 bdft Slabs 1,000,000 0 10 per board foot 50,000 bdft Question Determine the value of ending inventory if the sales value at splitoff method is used for product costing Round to three decimal places when necessary (10 points)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 09, 2024

Problem 1 - Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X2, the joint costs of

Problem 1 - Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X2, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows: Product Cases Sales Value at Splitoff Point Separable Costs Selling Price Catsup 100,000 $6 per case $3.00 per case $28 per case Juice 150,000 8 per case 5.00 per case 25 per case Canned 200,000 5 per case 2.50 per case 10 per case Question: Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product. (10 points) Problem 2 - Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows: Product Units Produced Sales Value at Splitoff Point Turpentine 6,000 liters $60,000 Paint thinner 6,000 liters 50,000 Spot remover 3,000 liters 25,000 Question: Determine the amount of joint cost allocated to each product if the physical-measure method is used. (10 points) Problem 3 - Oregon Lumber processes timber into four products. During January, the joint costs of processing were $280,000. There was no inventory at the beginning of the month. Production and sales value information for the month is as follows: Sales Value at Product Board feet Splitoff Point Ending Inventory 2 x 4's 6,000,000 $0.30 per board foot 500,000 bdft. 2 x 6's 3,000,000 0.40 per board foot 250,000 bdft. 4 x 4's 2,000,000 0.45 per board foot 100,000 bdft. Slabs 1,000,000 0.10 per board foot 50,000 bdft. Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Round to three decimal places when necessary. (10 points) image text in transcribed

Problem 1 - Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X2, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows: Product Cases Sales Value at Splitoff Point Separable Costs Selling Price Catsup 100,000 $6 per case $3.00 per case $28 per case Juice 150,000 8 per case 5.00 per case 25 per case Canned 200,000 5 per case 2.50 per case 10 per case Question: Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product. (10 points) Problem 2 - Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows: Units Produced Sales Value at Splitoff Point Turpentine 6,000 liters $60,000 Paint thinner 6,000 liters 50,000 Spot remover 3,000 liters 25,000 Product Question: Determine the amount of joint cost allocated to each product if the physical-measure method is used. (10 points) Problem 3 - Oregon Lumber processes timber into four products. During January, the joint costs of processing were $280,000. There was no inventory at the beginning of the month. Production and sales value information for the month is as follows: Sales Value at Product Board feet Splitoff Point Ending Inventory 2 x 4's 6,000,000 $0.30 per board foot 500,000 bdft. 2 x 6's 3,000,000 0.40 per board foot 250,000 bdft. 4 x 4's 2,000,000 0.45 per board foot 100,000 bdft. Slabs 1,000,000 0.10 per board foot 50,000 bdft. Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing. Round to three decimal places when necessary. (10 points)