Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sales Price at Splitoff Point Separable Costs $6 per case $3.00 per case 8 per case 5 per case 5.00 per case 2.00 per
Sales Price at Splitoff Point Separable Costs $6 per case $3.00 per case 8 per case 5 per case 5.00 per case 2.00 per case Company processes apples into jam, juice, and canned tomatos. During the summer of 2018, the joint costs of processing the tomatoes were $10,000. There was no beginning or ending inventories for the summer. Production and sales value information is as follows: Product Cases Jam 100 Juice 150 Canned 200 Final Selling Price $28 per case 25 per case 10 per case Product Final Sales Value Separable Costs Net Realizable Value Joint Costs Allocated Percentage Jam Juice Canned Tomato Totals Required: Determine the percentage allocated to each product and amount of Jeint Costs allocated to each product if the estimated NRV (net realizable value) method is use d. Jam 35% and $3,000; Juice 50% and $5,000; Canned tomato 15% and $2,000 Jam 35,21% and $3,521; Juice 42,25% and $4,225; Canned tomato 22,54% and $2,254
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started