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tells me that this wrong, but I don't know how 75.01 could be wrong Farm Grown Chicken grows and processes chickens. Each chicken is disassembled

tells me that this wrong, but I don't know how 75.01 could be wrong image text in transcribed

Farm Grown Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Farm Grown Chicken is computing the ending inventory values for its July 31, 2017, balance sheet. Ending inventory amounts on July 31 are 10 pounds of breasts, 2 pounds of wings, 7 pounds of thighs, 4 pounds of bones and 3 pounds of feathers. Requirement 1. Assume Farm Grown 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 Ending inventory value 5.00 Breasts Wings 0.43 Thighs 2.25 Bones 0.14 0.09 Feathers $ 7.91 Total Requirement 2. Assume Farm Grown 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 75.01 12.50 62.51 Reference Breast Wings Bones Feathers Total Thighs 50 Pounds of product 100 30 65 5 250 Wholesale selling price per pound $ 0.70 $ 0.30 $ 0.45 $ 0.05 $ 0.05 $ 70.00 $ 9.00 $ 22.50 $ 3.25 $ 0.25 $ 105.00 Sales value at splitoff Weighting: Sales Value at splitoff 0.667 0.086 0.214 0.031 0.002 1.000 Joint costs allocated $ 50.03 $ 6.45 $ 16.05 $ 2.33 $ 0.15 $ 75.01 Allocated costs per pound $ 0.5003 $ 0.2150 $ 0.3210 $ 0.0358 $ 0.0300 Print Done

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