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reference requirement 1 requirement 2 requirement 3 ac Reference Breast Wings Thighs Bones Feathers Total Pounds of product Wholesale selling price 90 25 35 45
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ac Reference Breast Wings Thighs Bones Feathers Total Pounds of product Wholesale selling price 90 25 35 45 200 $0.40 $ 0.200.35$ 0.15 $ 0.05 per pound Sales value at splitoff 36.00$ 5.00 $ 12.25 $ 6.75$ 0.25 $ 60.25 Weighting: Sales Value at splitoff 0.598 0.083 0.203 0.112 0.004 1.000 Joint costs allocated $23.92 3.328.12$ 4.48 $ 0.16 $ 40.00 Allocated costs per pound 0.2658 0.1328 $ 0.2320 $ 0.0996 0.0320 Print Done E16-22 (similar to) E Question Help Top Notch Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Top Notch 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, 2 pounds of wings, 10 pounds of thighs, 5 pounds of than a joint product bones, and 3 pounds of feathers. Top Notch Chicken's management wants to use the sales value at splitoff method. However, management wants you to explore the effect on ending inventory values of classifying one or more products as a byproduct rather (Click to view information on the sales value at splitoff method) Read the requirements Requirement 1. Assume Top Notch Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? (Round your answers to the nearest cent. Enter an amount for each product including zero balances.]) Product Breasts Wings Thighs Bones Feathers Total Ending inventory value Requirement 2. Assume Organic 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 Weighting: Sales value at splitoff Joint costs allocated Allocated costs per poundStep by Step Solution
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