Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Tasty Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Tasty Chicken is computing the ending inventory values for its July
Tasty Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Tasty 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, 10 pounds of wings, 6 pounds of thighs, 10 pounds of bones, and 3 pounds of feathers. Tasty Chicken's management wants to use the sales value at splitoff method. However, manag explore the effect on ending inventory values of classifying one or more products as a byprodu product. (Click to view information on the sales value at splitoff method.) X i Reference Cance Breast Wings Thighs Bones Feathers Total 150 30 30 75 15 300 $ 0.55 $ 0.15 $ 0.35 $ 0.10 $ 0.05 $ 82.50 $ 4.50 $ 10.50 $ 7.50 $ 0.75 $ 105.75 Pounds of product Wholesale selling price per pound Sales value at splitoff Weighting: Sales Value at splitoff Joint costs allocated Allocated costs 0.780 0.043 0.099 0.071 0.007 1.000 62.40 $ 3.44 $ 7.92 5.68 0.56 $ 80.00 per pound $ 0.4160 $ 0.1147 $ 0.2640 $ 0.0757 $ 0.0373 Print Done Now use the table below to calculate the allocated costs per pound for the breasts and thighs. (Round the weights to three decimal places, the joint costs to the nearest cent and the allocated costs per pound to four decimal places.) Breast Thighs Total 150 30 Pounds of product Wholesale selling price $ 0.55 $ 0.35 $ 82.50 $ 10.50 per pound Sales value at splitoff Weighting: Sales value at splitoff Joint costs allocated Allocated costs per pound 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? (Round all amounts to the nearest cent. Enter an amount for each product including zero balances.) Product Ending inventory value Breasts Wings Thighs Bones Feathers Total
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