Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make platters and cups. TSC incurred $72,000 of materials cost and $76,000 of labor cost to produce the silver alloy. Platters are made first and the residual alloy is remixed into a lower grade silver plated material that is used to make the cups. Remixing cost amount to $10,000. The recent batch contained 20,000 platters and 9,000 cups. TSC sold the platters for $260,000 and the cups for $44,000. Based on this information the total amount of joint cost is Multiple Choice $72,000 $76,000. $148,000. $158,000. The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make platters and cups. TSC incurred $72,000 of materials cost and $76,000 of labor cost to produce the silver alloy. Platters are made first and the residual alloy is remixed into a lower grade silver plated material that is used to make the cups. Remixing cost amount to $10,000. The recent batch contained 20,000 platters and 9,000 cups. TSC sold the platters for $260,000 and the cups for $44,000. If number of units is used to allocate the joint cost, what is the income earned for platters? (Round intermediate calculation to 2 decimal places.) Multiple Choice $102,000. $158,000 $44,000 $(1,900) The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make platters and cups. TSC incurred $72,000 of materials cost and $76,000 of labor cost to produce the silver alloy. Platters are made first and the residual alloy is remixed into a lower grade silver plated material that is used to make the cups. Remixing cost amount to $10,000. The recent batch contained 20,000 platters and 9,000 cups. TSC sold the platters for $260,000 and the cups for $44,000. Assume number of units is used as the base to allocate the joint cost. Based on this information (Round intermediate calculation to 2 decimal places.) Multiple Choice the Company's total income willl decrease by $44,000 if it stops making and selling cups. the Company's total income will increase by $11,900 if it stops making and selling cups. the Company's total income willl increase by 1,900 if it stops making and selling cups. the Company's total income willl decrease by $34,000 if it stops making and selling cups. The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make platters and cups. TSC incurred $72,000 of materials cost and $76,000 of labor cost to produce the silver alloy. Platters are made first and the residual alloy is remixed into a lower grade silver plated material that is used to make the cups. Remixing cost amount to $10,000. The recent batch contained 20,000 platters and 9,000 cups. TSC sold the platters for $260,000 and the cups for $44,000. If relative market value is used to allocate the joint cost, what is the income earned for cups? (Round intermediate calculation to 2 decimal places.) Multiple Choice $(12.440). $132,600 $12,440. $10,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

1. Let a, b R, a Answered: 1 week ago

Answered: 1 week ago