Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3)Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs inMay were $564,000. Additional information follows:If Processed FurtherSales Value at AdditionalProductChem-1Chem-2UnitsProduced291,000Split-OffCostsSales Values$ 223,000$ 33,000$ 263,000179,000Chem-3195,000Chem-4147,000812,000267,000152,600249,40029,700293,00025,200183,00026,600273,000$ 892,000$ 114,500$ 1,012,000Required:Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product inMay?Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts.ProductNRV at Split-OffJoint CostsAllocatedChem-1Chem-2Chem-3Chem-4

When more than one product gets produced from single process then all the products processed are…

Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: If Processed Further Product Chem-1 Units Produced Sales Value at Additional 291,000 Split-Off $ 223,000 Costs Sales Values $ 33,000 $ 263,000 Chem-2 179,000 267,000 Chem-3 195,000 Chem-4 147,000 152,600 249,400 29,700 25,200 293,000 26,600 183,000 273,000 812,000 $ 892,000 $ 114,500 $ 1,012,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Product NRV at Split- Off Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4

Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: If Processed Further Product Chem-1 Units Produced Sales Value at Additional 291,000 Split-Off $ 223,000 Costs Sales Values $ 33,000 $ 263,000 Chem-2 179,000 267,000 Chem-3 195,000 Chem-4 147,000 152,600 249,400 29,700 25,200 293,000 26,600 183,000 273,000 812,000 $ 892,000 $ 114,500 $ 1,012,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Product NRV at Split- Off Joint Costs Allocated Chem-1 Chem-2 Chem-3 Chem-4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exercise 11-47 (Algo) Net Realizable Value Method (LO 11-3) Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $564,000. Additional information follows: Product Chem-1 Chem-2 Chen-3 Chen-4 Units Produced 308,000 196,000 212,000 164,000 880,000 Sales Value at Additional Costs $ 34,700 Split-Off $ 240,000 284,000 169,600 266,400 NRV at Split-Off Product Chem-1 $ 245,300 $ Chem-2 $ 278,600 $ Chem-3 $ 173,100 $ Chem-4 $ 261,700 $ If Processed Further Joint Costs Allocated 31,400 26,900 28,300 $ 950,000 $ 121,300 $ 1,080,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Sales Values $ 280,000 310,000 200,000 290,000 144,328 163,898 101,858 153,972
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