Question
Richard Miller is a commercial fisherman, and he has just returned from a trip off the coast of Maine. He has calculated the cost of
Richard Miller is a commercial fisherman, and he has just returned from a trip off the coast of Maine. He has calculated the cost of his catch as follows:
Wages of deckhands | $33,600 | |
Richards wage | 17,400 | |
Food, medical supplies, etc. | 7,400 | |
Depreciation of netting and other equipment | 5,400 | |
Depreciation of boat | 13,100 | |
Fuel | 16,700 | |
Total | $93,600 |
Richards nets yielded a catch of 16,400 pounds of salmon, 25,420 pounds of halibut, and 40,180 pounds of flounder. Salmon sells for $10 per pound, halibut for $6 per pound, and flounder for $2 per pound.
Allocate joint costs based on weight. With these costs, what is the profit associated with each type of fish?
Profit | ||
---|---|---|
Salmon | 145280 | |
Halibut | 123504 | |
Flounder | 34496 |
Allocate joint costs based on relative sales values. With these costs, what is the profit associated with each type of fish? (Round relative sales value proportion percent to 3 decimal places, e.g. 32.954% and final answers to 0 decimal places, e.g. 125.)
Profit | ||
---|---|---|
Salmon | ||
Halibut | ||
Flounder |
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