Joint Cost Allocation-Physical Units Method Medieval Blacksmith Co. produces two types of decorative swords, a broadsword and a longsword. The swords are made through a joint production process that ultimately produces 30 broadswords and 20 longswords and costs a total of $4,000 per batch. After the split-off point, each type of sword goes through an additional crafting process before it is sold. The additional production process of the broadsword costs $30 per sword, after which it is sold for $180 per sword. The additional production process of the longsword costs $25 per sword, after which it is sold for $150 per sword. Determine the amount of joint production costs allocated to each type of sword using the physical units method. Joint Product Broadsword Longsword Totals Allocation $
Q: Month April May June July Collections from customers are normally 66 percent in the month of sale,…
A: Budget means the expected value of future. Budget will be compared with actual value and variance is…
Q: Required Complete the following table Sales Operating Income Average Operating Assets Return on…
A: Return on investment is calculated by dividing net operating income by average operating assets.…
Q: What is the cost of goods sold for the year?
A: Cost of goods sold Cost of Goods Sold (COGS) represents the direct costs associated with the…
Q: Exercise SA-5 (Algo) Least-Squares Regression (LO5-11] George Caloz & Frères, located in Grenchen,…
A: The least square regression is the formula used to determine the variable cost per unit and the…
Q: A machine costing $207,800 with a four-year life and an estimated $15,000 salvage value is installed…
A: Under straight line basis, depreciation is calculated in equal installments over a useful life of…
Q: IFRS16 allows lessees not to recognise a right-of-use asset or a lease liability for certain types…
A: The right-of-use asset is a lessee's right to use an asset over the life of a lease. It is recorded…
Q: Assume Home Depot is trying to decide which automated production line to use to produce sellable…
A: Understanding Cycle Time and Efficiency in ProductionIn production, cycle time plays a crucial role…
Q: Linzee Liners estimates that its manufacturing overhead will be $1,743,400 in Year 1. It further…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…
Q: Advanced Computer Parts uses the perpetual inventory system and the net method of recording sales…
A: The objective of the question is to determine the correct journal entry to record the payment…
Q: Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 25,000…
A: Journal Entry:Journal Entry is the first step in the bookkeeping.Companies record the transactions…
Q: Which type of income typically receives preferential tax treatment in many tax jurisdictions? a)…
A: Preferential tax treatment refers to the advantageous tax treatment given to certain types of income…
Q: Cash Flows from Investing Activities During the year, Murray Company sold equipment with a book…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: The Irby Firm loaned Soltis Inc. $147,812. The Irby Firm accepted Soltis Inc's. 3 - year $ 186, 200,…
A: Zero-interest-bearing notes receivable refer to promissory notes or debt instruments that do not…
Q: The Lees, a family of two adults and two dependent children under age 16, had gross annual income of…
A: The Child Tax Credit is a tax benefit provided to families with qualifying dependent children under…
Q: Highlands Company uses the weighted-average method in its process costing system. It processes wood…
A: Equivalent units of production are calculated by the entity to determine cost per unit incurred. It…
Q: Question Six: The following accounts appear in the ledger of Alico Corporation after the books are…
A: Stockholder means the person who invested in the stock/share of the company and are the real owners…
Q: This year, Sigma Inc. generated $636,000 income from its routine business operations. In addition,…
A: Taxable income is the amount of the person's income that is taxed after all the deductions and…
Q: Required information [The following information applies to the questions displayed below.] Data…
A: The costs of service departments are allocated to the operating departments because they exist to…
Q: ces Optimal Health is an outpatient surgical clinic. The clinic's three activities, their overhead…
A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…
A: Cash collection budget :- This budget is prepared to estimate the collection of sales from customers…
Q: European Styles, Inc., manufactures women's blouses of one quality, which are produced in lots to…
A: Journal Entries Journal Entries are based on accrual accounting. Journal Entries are used to record…
Q: A company constructs a building for its own use. Construction began on January 1 and ended on…
A: A construction contract is a contract between the owner of the property and the contractor. The…
Q: E5-13, E5-14 and E5-16 [LO 5-2, 5-3, 5-4, 5-5] [The following information applies to the questions…
A: (a). Perform a least-squares regression analysis on Camp Rainbow's data. To perform a least-squares…
Q: On June 30, 2021, Georgia - Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation.…
A: Lease is a agreement between lessor and lessee where lessor allows lessee to use asset in exchange…
Q: Required: Determine the following account balances as of December 31, 2024: a. Investment in Jasmine…
A: Acquisition of companies :-The acquisition of companies, commonly referred to as mergers and…
Q: Required: Compute Berclair's basic and diluted earnings per share for the year ended December 31,…
A: EPS stands for Earnings Per Share. It is the ratio formula used to determine the earnings of the…
Q: Exercise 15-14 (Algo) Lessor; operating lease; effect on financial statements [LO 15-4] At January…
A: The objective of the question is to determine the effects of the lease on Crescent's earnings for…
Q: On August 20, 2017, Lockman Limited incurs the following costs related to inventory, all of which…
A: Journal entries are the record of financial transactions in the books of accounts. Journal entries…
Q: Create your own company describing the nature of the company and what it provides (should be…
A: The objective of this question is to create a hypothetical company and demonstrate the accounting…
Q: Nicole and Alex get together to form a new corporation, TBTM Inc. (The Better Tax Museum, a…
A: Corporation:It is usually a group of people or a company.They are authorized by the state to act as…
Q: Required information [The following information applies to the questions displayed below.] Lacy is a…
A: Taxable income refers to the earnings of an individual, company, etc. which is subject to tax…
Q: Nickleson Company had an unadjusted cash balance of $9,497 as of May 31. The company's bank…
A: Bank reconciliation statement means the statement where the bank balance as per cash book and bank…
Q: Which of the following accurately describes the tax implications of C corporations and their…
A: The correct answer is:b) Double taxationExplanation:C corporations are subject to double taxation,…
Q: On January 1, 20X3, Plimsol Company acquired 100 percent of Shipping Corporation's voting shares, at…
A: Investment in Associates and Joint venture and Subsidiary Equity Accounting method - This method is…
Q: The direct write-off method is generally not permitted for financial reporting purposes because:…
A: The objective of the question is to understand why the direct write-off method is generally not…
Q: Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed…
A: Total cost is the aggregate of Total variable cost and total fixed cost. Fixed cost is the cost that…
Q: The following information pertains to Mason Company for Year 2: Beginning inventory Units purchased…
A: There are different methods available for valuing the inventory such as FIFO, LIFO, and weighted…
Q: Annabug Designs, Inc designs personalized Ladybug motif bumperstickers. Beseed upon the following…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: A cell-phone repair shop consists of three processes. Step 1 requires 6 minutes per unit, step 2…
A: Capacity of the repair shop = Units repaired/Minutes taken to repair the above…
Q: At the end of 2023, Payne Industries had a deferred tax asset account with a balance of $110 million…
A: A deferred tax asset is a balance sheet item that ultimately either lowers an income tax burden of a…
Q: Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the…
A: Purchases$510,000Less: Purchase Returns and Allowances$60,000Less: Purchase Discounts$12,000Net…
Q: Please do not give solution in image format thanku
A: >FIFO method used in Process Costing does not consider Beginning WIP cost in calculation of Cost…
Q: Required: a. Calculate the cost of goods sold, ending inventory, and gross profit using the FIFO…
A: Commonly used inventory valuation methods are FIFO (First-In, First-Out), LIFO (Last-In, First-Out)…
Q: The following information relates to production activities of Mercer Manufacturing for the year.…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: After the meeting, Karen decided to collect cost data on the two models: the Deluxe model and the Ec…
A: Equivalent units refer to quantity of incomplete units manufactured by the company that is expressed…
Q: n March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,…
A: Journal entries refer to the recording of the business transactions in the debit and credit format…
Q: QS 5-23 (Algo) Applying LCM to inventories LO P2 Ames Trading Company has the following products in…
A: The lower cost or net realizable value method indicates that businesses should recognize the…
Q: The time gap between two AGM's shall not exceed A. 18months B. 16months C. None of the Above D.…
A: The question is asking about the maximum time gap that is allowed between two Annual General…
Q: The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal…
A: Pension expenses are the expenses of business and liability related to the pension payable to the…
Q: A company with monthly fixed costs of $170,000 expects to earn monthly operating income of $25,000…
A: Fixed costs are costs that remain constant and do not vary with the change in the level of…
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Board-It, Inc., produces the following types of 2 4 10 wood boards: washed, stained, and pressure treated. These products are produced jointly until they are cut. One batch produces 45 washed boards, 35 stained boards, and 20 pressure treated boards. The joint production process costs a total of 710 per batch. Using the physical units method, allocate the joint production cost to each product.Man OFort Inc. produces two different styles of door handles, standard and curved. The door handles go through a joint production molding process costing 29,000 per batch and producing 2,000 standard door handles and 1,000 curved door handles at the split-off point. Both door handles undergo additional production processes after the split-off point, but could be sold at that point: the standard style for 4 per door handle and the curved style for 2 per door handle. Determine the amount of joint production costs allocated to each style of door handle using the market value at split-off method.Tucariz Company processes Duo into two joint products, Big and Mini. Duo is purchased in 1,000-gallon drums for 2.000. Processing costs are 3,000 to process the 1,000 gallons of Duointo 800 gallons of Big and 200 gallons of Mini. The selling price is 9 per gallon for Big and4 per gallon for Mini. If the physical units method is used to allocate joint costs to the finalproducts, the total cost allocated to produce Mini is: a. 500. b. 4,000. c. 1,000. d. 4,500.
- Oakes Inc. manufactured 40,000 gallons of Mononate and 60,000 gallons of Beracyl in a joint production process, incurring 250,000 of joint costs. Oakes allocates joint costs based on the physical volume of each product produced. Mononate and Beracyl can each be sold at the split-off point in a semifinished state or, alternatively, processed further. Additional data about the two products are as follows: An assistant in the companys cost accounting department was overheard saying ...that when both joint and separable costs are considered, the firm has no business processing either product beyond the split-off point. The extra revenue is simply not worth the effort. Which of the following strategies should be recommended for Oakes?Patz Company produces two types of machine parts: Part A and Part B, with unit contribution margins of 300 and 600, respectively. Assume initially that Patz can sell all that is produced of either component. Part A requires two hours of assembly, and B requires five hours of assembly. The firm has 300 assembly hours per week. Required: 1. Express the objective of maximizing the total contribution margin subject to the assembly-hour constraint. 2. Identify the optimal amount that should be produced of each machine part and the total contribution margin associated with this mix. 3. What if market conditions are such that Patz can sell at most 75 units of Part A and 60 units of Part B? Express the objective function with its associated constraints for this case and identify the optimal mix and its associated total contribution margin.Breegle Company produces three products (B-40, J-60, and H-102) from a single process. Breegle uses the physical volume method to allocate joint costs of 22,500 per batch to theproducts. Based on the following information, which product(s) should Breegle continue toprocess after the split-off point in order to maximize profit? a. B-40 only b. J-60 only c. H-102 only d. B-40 and H-102 only
- Joint Cost Allocation—Physical Units Method Medieval Blacksmith Co. produces two types of decorative swords, a broadsword and a longsword. The swords are made through a joint production process that ultimately produces 42 broadswords and 28 longswords and costs a total of $4,200 per batch. After the split-off point, each type of sword goes through an additional crafting process before it is sold. The additional production process of the broadsword costs $42 per sword, after which it is sold for $174 per sword. The additional production process of the longsword costs $28 per sword, after which it is sold for $148 per sword. Determine the amount of joint production costs allocated to each type of sword using the physical units method. Joint Product Allocation Broadsword $fill in the blank 1 Longsword fill in the blank 2 Totals $fill in the blank 3Joint Cost Allocation-Physical Units Method Blake's Blacksmith Co. produces two types of shotguns, a 12-gauge and 20-gauge. The shotguns are made through a joint production process that ultimately produces 40 12-gauge shotguns and 10 20-gauge shotguns and costs a total of $3,700 per batch. After the split-off point, each type of shotgun goes through an additional crafting process before it is sold. The additional production process of the 12-gauge shotgun costs $40 per gun, after which it is sold for $176 per gun. The additional production process of the 20-gauge shotgun costs $26 per gun, after which it is sold for $146 per gun. Determine the amount of joint production costs allocated to each type of shotgun using the physical units method. Joint Product Allocation 12-gauge shotgun 20-gauge shotgun TotalsJoint Cost Allocation—Physical Units Method Blake’s Blacksmith Co. produces two types of shotguns, a 12-gauge and 20-gauge. The shotguns are made through a joint production process that ultimately produces 28 12-gauge shotguns and 12 20-gauge shotguns and costs a total of $4,200 per batch. After the split-off point, each type of shotgun goes through an additional crafting process before it is sold. The additional production process of the 12-gauge shotgun costs $28 per gun, after which it is sold for $180 per gun. The additional production process of the 20-gauge shotgun costs $20 per gun, after which it is sold for $152 per gun. Determine the amount of joint production costs allocated to each type of shotgun using the physical units method. Joint Product Allocation 12-gauge shotgun $ 20-gauge shotgun Totals $
- Joint Cost Allocation—Physical Units Method Board-It, Inc., produces the following types of 2 × 4 × 10 wood boards: washed, stained, and pressure treated. These products are produced jointly until they are cut. One batch produces 45 washed boards, 35 stained boards, and 20 pressure treated boards. The joint production process costs a total of $710 per batch. Using the physical units method, allocate the joint production cost to each product. Round your answers to two decimal places.Joint cost allocation — physical units method Board-It, Inc., produces the following types of 2 × 4 × 10 wood boards: washed, stained, and pressure treated. These products are produced jointly until they are cut. One batch produces 50 washed boards, 40 stained boards, and 10 pressure treated boards. The joint production process costs a total of $800 per batch. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Using the physical units method, allocate the joint production cost to each product. Round your answers to the nearest cent. Joint Product Allocation Washed $fill in the blank 2 Stained fill in the blank 3 Pressure treated fill in the blank 4 Totals $fill in the blank 5Joint cost allocation — weighted average method Gary’s Grooves Co. produces two types of carving knives, one with a handle made of a polymer that looks like walnut wood and another with a handle made with a polymer that looks like red oak. The knives are made through a joint production molding process that produces 380 knife blades for red oak handle knives and 240 knife blades for walnut handle knives at the split-off point. The polymer for the red oak handle knife blades requires twice as much cooling time as the polymer for the walnut handle knife blades, although all knives are removed from the joint molding process at the same time (i.e., once the cooling for the red oak handle knives is complete). The joint production process costs a total of $ 6,000 . This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Assuming the company allocates…