Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sales value and physical value allocation To-Go produces milk and sour cream from a joint process. During June, the company produced 240,000 quarts of milk

image text in transcribed

Sales value and physical value allocation To-Go produces milk and sour cream from a joint process. During June, the company produced 240,000 quarts of milk and 190,000 pints of sour cream (there are two pints in a quart). Sales value at split-off point was $377,400 for the milk and $177,600 for the sour cream. The milk was assigned $125,800 of the joint cost. Note: Round proportions to the nearest whole percentage and dollar amounts to the nearest whole dollar. a. Using the sales value at split-off approach, determine the total joint cost for June. $ 555,000 X b. Assume, instead, that the joint cost was allocated based on the number of quarts produced. What was the total joint cost incurred in June? $ 185,000 X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Risk Management In Organisations An Integrated Case Study Approach

Authors: Margaret Woods

2nd Edition

1138632333, 9781138632332

More Books

Students also viewed these Accounting questions