Let's start with the joint cleaning and separation process, which allows for the cotton seed and the lint to be separately identifiable. The following quantities of cotton seed and lint were produced for a total cost (including the raw cotton and processing costs) of $232,000. 435,000 pounds of cotton seed 315,000 pounds of lint (fiber) Both of these products can be sold at this point, or they can be processed further. In their present state, they're worth: $0.13 per pound for cotton seed $0.75 per pound for lint This particular company presses the cotton seed to make oil and uses the lint to make thread. The additional costs and processes generate higher sales values for the final products, as follows. Seed/Oil Lint/Thread Additional cost $21,000 $79,200 Final sales value $84,000 $335,000 (a) (b) Allocate the joint process costs using the NRV method. (Round proportion to 3 decimal places, e.g. 0.251 and final answers to O decimal places, e.g. 5,125.) Share of joint cost $ Seed $ Lint
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- Brevall Industries makes corn oil and corn meal from harvested corn in a joint process. Corn oil can be further processed into margarine, and the corn meal can be further processed into corn muffin mix. The joint cost incurred to process the corn to the split-off point is $140,000. Information on the quantities, value, and further processing costs for the joint product appears below: Sales Value Estimated Further Sales Value Quantity At Split-off Processing Cost After Processing Corn Oil 800,000 lbs. $0.30/lb. $0.35/lb. $0.60/lb. Corn Meal 1,600,000 lbs. 0.10/lb. 0.40/lb. 0.55/lb. Brevall allocates the joint cost to the products based on physical units. Corn oil is assigned $46,667 of joint cost and corn meal is assigned $93,333 of joint cost. Which…Tasty, Inc., is a producer of potato chips. A single production process at Tasty, Inc., yields potato chips as the main product and a byproduct that can also be sold as snack. Both products are fully processed by the splitoff point, and there are no separable costs. For September 2022, the cost of operation is $300,000. Production and sales data are as follows: Main Product: Potato Chips Byproduct Production (in pounds) Sales (in pounds) Main products: Byproducts: 80,000 8,000 72,000 6,000 Selling Price per Pound There were no beginning inventories on September 1, 2022. What are the inventory costs reported in the balance sheet on September 30, 2022, for the main product and byproduct under the production method and the sales method of byproduct accounting? The production method $20 $5 The sales methodThe Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, incurring separable processing costs. There is a $2,000 disposal cost for the by- product. A summary of a recent month's activity at Marshall is shown below: Yang 80,000 80,000 Separable processing costs-variable $ 86,000 Separable processing costs-fixed Sales price $ 14,000 $ 20,000 $6.00 $ 12.50 $ 1.50 Total joint costs for Marshall in the recent month are $268,000, of which $115.240 is a variable cost Units sold Units produced Manufacturing cost per unit t Total gross margin Required: 1. Calculate the manufacturing cost per unit for each of the three products. (Round manufacturing cost per unit answers to 2 decimal places.) 2. Calculate the total gross margin for each…
- Wildhorse Inc. produces three separate products from a common process costing $100,700. Each of the products can be sold at the split-off point or can be processed further and then sold for a higher price. Shown below are cost and selling price data for a recent period. Sales Value Cost to Sales Value at Split-Off Point Process after Further Further Processing Product 10 $59,100 $100,200 $189,900 Product 12 16,000 30,500 35,000 Product 14 54,000 149,800 215,300 (a) (b) × Your answer is incorrect. Determine total net income if all products are sold after further processing. Net income $ -151,400The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, incurring separable processing costs. There is a $1,200 disposal cost for the by- product. A summary of a recent month's activity at Marshall is shown below: Ying 60,000 60,000 $ 168,000 $ 12,000 $ 6.00 Bit Yang 48,000 48,000 $ 50,000 $ 10,000 $ 12.50 Units sold 12,000 12,000 $ Units produced Separable processing costs-variable Separable processing costs-fixed Sales price $ 1.50 Total joint costs for Marshall in the recent month are $176,800, of which $76,024 is a variable cost. Required: 1. Calculate the manufacturing cost per unit for each of the three products. (Round manufacturing cost per unit answers to 2 decimal places.) 2. Calculate the total gross margin for each…The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, incurring separable processing costs. There is a $1,500 disposal cost for the by- product. A summary of a recent month's activity at Marshall is shown below: Ying 75,000 75,000 $ 210,000 $ 15,000 $ 6.00 Total joint costs for Marshall in the recent month are $211,000, of which $90,730 is a variable cost. Units sold Units produced Separable processing costs-variable Separable processing costs-fixed Sales price Manufacturing cost per unit Total gross margin Yang 60,000 60,000 $ 65,000 $ 10,000 $ 12.50 Required: 1. Calculate the manufacturing cost per unit for each of the three products. (Round manufacturing cost per unit answers to 2 decimal places.) 2. Calculate the total…
- Husky Orchards processes apples into apple juice, apple sections, and applesauce. During 20X2, Husky Orchards processed 500,000 kilograms of apples. The joint costs of processing the apples were $2,400,000. Following the joint process, the separate products can be further processed with no loss of volume. There were no beginning inventories at the beginning of 20X2. Production and sales value information for 20X2 were as follows: A Number of Cases B Sales Value at Split-Off D Separable Final costs Selling Price Juice 100,000 $23 per case Sections Sauce 125,000 $20 per case 200,000 $ 10 per case $410,000 $28 per case $450,000 $ 26 per case $490,000 $14 per case REQUIRED: SHOW YOUR DETAILED CALCULATIONS 1. Assume that Husky Orchards uses the Net Realizable Value Method to allocate joint costs and processes all products to their final state. Allocate the joint costs among the joint products. 2. On January 1 of 20X3 a flood destroyed 20,000 cases of Juice and 15,000 cases of Sauce…Sanford Agricultural Chemicals (SAC) produces two main products, M-4 and M-5, and one by-product, BYP, from a single input, Gen-10. Products M-4 and M-5 can either be sold at split-off or processed further and sold. A given batch begins with 2,700 pounds of Gen-10 with a cost of $170,000. Additional information regarding a batch follows: Product M-4 M-5 BYP Units Produced 30,000 37,800 5,000 Unit Sales Value at Split-off $10.25 19.50 0.90 If Processed Additional Costs (Per Unit) $4.30 9.50 ΝΑ Further Sales Value (Per Unit) $17.50 29.50 ΝΑ Sanford Agricultural Chemicals uses the physical quantities method to allocate joint costs and the revenues from by-products are credited to joint costs. Required: Under these assumptions, the following product(s) should be processed further and then sold:Sunland, Inc. produces three separate products from a common process costing $101.000. Each of the products can be sold at the split-off point or can be processed further and then sold for a higher price. The cost and selling price data for a recent period are as follows: Product 12 Product 14 Product 16 Sales Value at Split-Off Point $50,300 10,300 59,400 Total net income $ Cost to Process Further $101,000 29,200 149,100 eTextbook and Media Sales Value after Further Processing $190.300 35.200 Determine the total net income if all products are sold at the split-off point. 220,400
- Glassworks makes products for the sandblasting industry. One of the products they make is bags of high-grade sandblasting media that is made from a combination of quartz-sand and recycled ground-glass (cullet). Standard costs and quantities to produce one bag of sandblasting media are as follows: Quantity Cost Quartz-sand 20 kg $4.00 Cullet 5 kg $3.00 80,000 bags of sandblasting media were produced. Actual purchases and inventories were: Beginning Ending Purchases Purchases Inventory Inventory (in kg) ( in $) Quartz-sand 0 kg 0 kg 1,610,000 kg $322,161 Cullet 0 kg 120,000 kg 550,000 kg $286,000 Required: Calculate the following variances: a)Total direct material efficiency variance. b)Total direct material mix variance.…Cledus and Bandit, LLC is a small production facility in Foley, Alabama that produces three products in a joint process which costs $25,000. Each product can be sold at split-off or processed further and then sold. 10,000 units of each product are manufactured. The following information is available for the three products: Product Sales Valueat Split-off Separable ProcessingCosts after Split-off Sales Valueat Completion A $12 $9 $21 B 10 4 17 C 15 6 19 If Product A is processed beyond the split-off point, profit will: Group of answer choices remain unchanged increase by $210,000 increase by $ 90,000 increase by $120,000Zycon has produced 10,000 units of partially finished Product A. These units cost $15,000 to produce, and they can be sold to another manufacturer for $20,000. Instead, Zycon can process the units further and produce finished Products X, Y, and Z. Processing further will cost an additional $22,000 and will yield total revenues of $35,000. Place an X in the appropriate column to identify whether the item is relevant or irrelevant to the sell or process further decision.