Novak produces four kinds of ice cream from a single process. The total joint costs of $87,800 resulted in 3,000 gallons of vanilla, 3,300 gallons of strawberry, 1,900 gallons of chocolate, and 900 gallons of Neapolitan ice cream. Novak sells the vanilla ice cream for $2.00/gallon and sells each of the other three flavors for $2.50/gallon. How much of the joint cost will be allocated to each product if the sales value at split-off method is used? (Round proportion to 4 decimal places, e.g. 0.2513 and final answers to O decimal places, e.g. 5,125.)
Q: Decaprio Incorporated produces and sells a single product. The company has provided its contribution…
A: NOI is a crucial metric for investors as it provides an indication of the property or business's…
Q: The auditor's consideration
A: Materiality is a concept or convention within auditing and accounting relating to the…
Q: 23-23 (OBJECTIVES 23-4, 23-8) The field work for the June 30, 2019, audit of Tracy Brewing Company…
A: The audit report, also referred to as the independent auditor's report, is a formal document issued…
Q: The Ombudsman Foundation is a private not-for-profit organization providing training in dispute…
A: The defining characteristic of nonprofit organizations is that they do not distribute any profits or…
Q: There were no beginning or ending inventories. The unit product cost under variable costing was: $35…
A: The unit cost includes absorption costing and variable costing As per variable costing the product…
Q: Clopack Company manufactures one product that goes through one processing department called Mixing.…
A: Hi studentSince there are multiple subparts asked, we will answer only first three subparts.The…
Q: A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on…
A: Basic accounting equation is Assets = Liabilities + Equity.The whole accounting system is based on…
Q: Selected operating data for two divisions of Outback Brewing, Limited, of Australia are given below:…
A: Lets understand the basics.For calculating division's margin, we will need to use below…
Q: What is the role of internal audits in assessing the effectiveness of control procedures and…
A: Internal audits are independent and objective assessments conducted within an organization to…
Q: The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account…
A: The balance sheet is the statement that summarizes the financial situation of a corporation as of…
Q: Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending…
A: Lease is defined a contractual agreement incorporated between two business entities where one entity…
Q: loan for the land. After receiving the $298,000 cash in (a), the seller pays the $80,000 owed. What…
A: Fundamental accounting equation is Assets = liabilities+ owner's equityIt means asset should be…
Q: Information concerning a product produced by Perez Company appears as follows. Sales price per unit…
A: Contribution margin per unit = Sales price per unit - Variable cost per unitBreak-even in units =…
Q: Exercise 22-8 (Algo) Departmental income statement and contribution to overhead LO P3 The Ski…
A: Income Statement :— It is one of the financial statement that shows profitability, total revenue and…
Q: At the beginning of the year, a company estimates total overhead costs of $750,000. The company…
A: Overheads are the indirect costs which are not traceable to the product directly. They are applied…
Q: The following data are available pertaining to Household Appliance Company's retiree health care…
A: Post-retirement benefit obligation refers to the present value of the benefits that are given to the…
Q: Marigold Corp. is authorized to issue 12000 shares of 6%, $100 par value preferred stock and 420000…
A: Issue of stock is one of important source of finance being used in business. It can be common stock…
Q: After the revenue and expense accounts have been closed, the balance in Income Summary will be O a…
A: The closing entries are prepared to close the temporary accounts of the business. The revenue and…
Q: ustin Matthews is a waiter
A: Net take-home pay is the amount of money an employee receives in their paycheck after…
Q: China Express purchased land for $140,000. Prior to construction on the new building, the land had…
A: The cost incurred in respect of the Purchase price of land, Land clearing costs, and the Legal fees…
Q: May you please interpret and analyse the Trend analysis below in detail. what does the trend…
A: Lets understand the basics.Treand analysis is analysis made on the income statement or statement of…
Q: On January 1, 2020, Carla Vista Ltd. had 528,000 common shares outstanding. During 2020, it had the…
A: Companies issue shares to raise capital, and the number of outstanding shares can change due to the…
Q: Calculate the return on assets (ROA). Advanced Water Services had net income for the month of…
A: RETURN ON ASSETSReturn on Assets is the Ratio between Net Operating Income & Average Operating…
Q: Bramble Corp. reported the following balances at December 31, 2021: common stock $408,000, paid-in…
A: The stockholders' equity increases with the issuance of additional stock and net income earned. The…
Q: Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the…
A: Contribution margin is the difference between the sales and variable expense. Break-even point is…
Q: Gular Company purchased a delivery truck for $86,000. The company expected the truck to last five…
A: Cost = $86,000 Life = 5 years Depreciation expenses for first year = ? Rate of depreciation= 200% /…
Q: Lease Description: Quarterly lease payments Lease term No residual value; no purchase option…
A: A lease contract is a legally binding agreement that grants the lessee the right to use a specific…
Q: On January 1, 2024, a Company adopted the dollar-value LIFO method for its one inventory pool. The…
A: The dollar value LIFO method refers to the method used for the calculation of cost while considering…
Q: Requirement Complete the chart for each of the following independent distributions. Assume that all…
A: A partnership is a business structure in which two or more individuals join together to jointly…
Q: efore a member performs nonattest services for an attest client, the client's management should…
A: Introduction: Before a member performs nonattest services for an attest client, it is crucial to…
Q: On December 31, 2020, American Bank enters into a debt restructuring agreement with Buffalo Company,…
A: Debt restructuring can be defined as the refinancing process where the borrower renegotiates the…
Q: Required information [The following information applies to the questions displayed below.] Maben…
A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…
Q: At the end of the fiscal year, Palm City was trying to determine which of its funds would be…
A: Funds are designed to limit the ways in which specific financial flows can be utilised. For example,…
Q: Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: The beta of ABC is 1.2, the annual risk – free rate is 2.5%, and the annual expected return of the…
A: The Dividend Discount Model (DDM) provides a valuation approach based on the present value of…
Q: Problem 3-8A Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The general ledger of…
A: Trial Balance :— Statement that shows the ending balance of all the ledger accounts of a firm at the…
Q: 1. The new and old systems operate simultaneously in all locations. ________ 2. Controls that relate…
A: g. Parallel simulation: In this scenario, the new and old systems operate simultaneously in all…
Q: Before liquidating the firm, the partners decided that: a) The creditors will be paid as follows:…
A: Safety Payment is the distribution that can be made to partners so that the amounts distributed will…
Q: The general ledger of the Karlin Company, a consulting company, at January 1, 2024, contained the…
A: Note - As per Bartleby guidelines if a student asked multiple sub-questions in the primary question…
Q: Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a…
A: Process costing is a method of cost accounting, which is used where there is continuous production…
Q: at are three factors that have increased the importance of obtaining an understanding of a client's…
A: Auditors must have a thorough awareness of the client's industry-specific practices, competitive…
Q: Getaway Publishing was recently organized as a corporation. The company issued common stock to an…
A: The sums that business organizations get from investors in exchange for their stock are known as…
Q: Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: E6-3 Tisdale Incorporated reports the following amount in its December 31, 2024, income statement.…
A: The income statement is also called a profit and loss statement, This statement gives a picture of a…
Q: Based on the following 20X2 events, what amount should the taxpayer include in gross income on the…
A: The Internal Revenue Service (IRS) defines gross income as "all income from whatever source derived,…
Q: At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization…
A: Depreciation and Amortization CostsAccounting techniques such as depreciation and amortization…
Q: Using a computerized Inventory Management System, a Paint Supply Store franchise continuously…
A: Inventory cost refers to the cost incurred for purchasing, storing, and the management of inventory…
Q: Three transactions for Crane Gifts are presented here. On October 2, Crane Gifts purchased $40,000…
A: DISCOUNT TERMThe 2/10 net 30 calculation is a way of providing cash discounts on purchases. It means…
Q: What are the challenges and risks associated with implementing control procedures in accounting, and…
A: Control procedures in accounting refer to a set of policies, processes, and measures implemented by…
Q: Pastina Company sells various types of pasta to grocery chains as private label brands. The…
A: The adjusting entries are generally posted at the end of the accounting period. These entries are…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Oriole produces four kinds of ice cream from a single process. The total joint costs of $77,900 resulted in 3,000 gallons of vanilla, 2,700 gallons of strawberry, 2,100 gallons of chocolate, and 1,000 gallons of Neapolitan ice cream. Oriole sells the vanilla ice cream for $3.00/gallon and sells each of the other three flavors for $3.50/gallon. How much of the joint cost will be allocated to each product if the sales value at split-off method is used? (Round proportion to 4 decimal places, e.g. 0.2513 and final answers to O decimal places, e.g. 5,125.) Allocated joint costs $ Vanilla $ Strawberry $ Chocolate SA NeapolitanOriole produces four kinds of ice cream from a single process. The total joint costs of $77,900 resulted in 3,000 gallons of vanilla, 2,700 gallons of strawberry, 2,100 gallons of chocolate, and 1,000 gallons of Neapolitan ice cream. Oriole sells the vanilla ice cream for $3.00/gallon and sells each of the other three flavors for $3.50/gallon. How much of the joint cost will be allocated to each product if the sales value at split-off method is used? (Round proportion to 4 decimal places, e.g. 0.2513 and final answers to O decimal places, e.g. 5,125.) Allocated joint costs $ Vanilla $ Strawberry $ Chocolate Neapolitanlowa Soy Products (ISP) buys soy beans and processes them into other soy products. Each ton of soy beans can be converted into 500 pounds of soy meal and 100 gallons of soy oil. This process incurs joint costs of $ 540. At splitoff point; soy meal can be sold for $4 per pound, and soy ol can be sold for $5 per gallon. ISP can process the 500 pounds of soy meal into 600 pounds of soy cookies at an additional cost of $1500. Each pound of soy cookles can be sold for $6 per pound. The 100 gallons of soy oil can be packaged at an additional cost of $300 and made into 400 liters of Soyola. Each liter of Soyola can be sold for $3. (For each item below write your answers inside the boxes.) a) What is the total sales value (from both products) at splitoff point? Ans. = $ b) Using sales value at splitoff method, what amount of the joint costs ($ 540) would be allocated to soy meal Ans, = $ C) Using net realizable value method, what amount of the joint costs ($ 540) would be allocated to Soyola?…
- Hal, Dal, & Stal Dairy Farmers, Inc., produces whole milk, 2% milk, and cream. The joint cost of producing these three products is $4,000. The split-off quantities of each product are 3,500 gallons of whole milk, 1,500 gallons of 2% milk, and 500 gallons of cream. The company can sell whole milk and cream at the split-off point, but 2% milk must be processed further before being sold. Whole milk and cream sell for $2.00 per gallon and $3.00 per gallon, respectively, at the split-off point. Although 2% milk requires further processing to be sold, management estimates a market value of $1.00 per gallon for 2% milk at the split-off point. Using the market value at split-off method, determine the amount of the total joint cost to be allocated to each product.The Killian Company manufactures two skin care lotions, Liquid Skin and Silken Skin, out of a joint process. The joint (common) costs incurred are $420,000 for a standard production run that generates 180,000 gallons of Liquid Skin and 120,000 gallons of Silken Skin. Liquid Skin sells for $2.40 per gallon while Silken Skin sells for $3.90 per gallon. Assuming both products are sold at the split-off point, the amount of joint cost of each production run allocated to Liquid Skin on a net realizable value is? If there are additional costs are incurred after the split-off point, the amount of joint cost of each production run allocated to Silken Skin on a physical-quantity basis is?McBride’s Dairy has 200 gallons of heavy cream and 600 gallons of skimmed milk and has incurred $1,000 of joint costs at the split-off point. It can sell each product at the split-off point or process it further in relatively similar processes, so management has decided that the most appropriate method for allocating joint costs is the market value at split-off point. One gallon of cream sells for $15, while one gallon of milk sells for $4. How much of the joint cost is allocated to cream? Round percentage calculations to the nearest whole percent. a. $0 b. $1,000 c. $560 d. $440
- Healthy Eats produces three products from a single raw material. The total cost is $160,000 and the number of units for each product is as follows: Product A: 10,000 units Product B: 10,000 units Product C: 15,000 units Product A can be sold at the split-off point for $4 per unit, or it can be processed further at a cost of $25,000 and then sold for $10 per unit. Should product A be sold at the split-off point or processed further? Why?M & Z Creameries, Corp. process milk and sugar to make vanilla ice cream. They sell their ice cream in large one-gallon containers to schools, hospitals, nursing homes, and restaurants. Each batch produces 1,700 gallons of ice cream at a cost of $840 per batch. M & Z Creameries, Corp. sells the one-gallon containers for $23.00 each and spends $0.35 for each plastic container. M & Z Creameries, Corp. has started to determine the feasibility of adding chocolate and strawberries and sell pint-size portions at local supermarkets.Further processing of each batch of ice cream could produce 24,400 pint-sized portions. A recent market study determined a demand existed for this type of product. M & Z Creameries, Corp. could sell each pint-sized portion for $2.70. Additional packaging would cost $0.30 per pint, and the additional materials would cost $0.25 per pint. There would be no change in fixed costs.Should they continue to sell only one-gallon size containers of vanilla ice…Nervana Soy Products (NSP) buys soybeans and processes them into other soy products. Each ton of soybeans that NSP purchases for $350 can be converted for an additional $210 into 650 lbs of soy meal and 100 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.32 and soy oil can be sold in bulk for $4.5 per gallon. NSP can process the 650 pounds of soy meal into 750 pounds of soy cookies at an additional cost of $300. Each pound of soy cookies can be sold for $2.32 per pound. The 100 gallons of soy oil can be packaged at a cost of $230 and made into 400 quarts of Soyola. Each quart of Soyola can be sold for $1.15. Read the requirements. Requirement 1. Allocate the joint cost to the cookies and the Soyola using the (a) Sales value at splitoff method and (b) NRV method. a. First, allocate the joint cost using the Sales value at splitoff method. (Round the weights to three decimal places and joint costs to the nearest dollar.) Sales value of total production at splitoff…
- Fruity Delight produces two products – fruit juice and fruit pulp – from a joint process. The joint cost of production is $28, 000. 500 kg of fruit pulp can be sold at split-off for $5 per kg; or processed further at an additional cost of $7, 500 into 750.00 kg of jam and be sold for $8.00 per kg. 10, 000 litres of fruit juice can be sold at split-off for $2.70 per litre; or processed further at an additional cost of $3500.00 into 2000.00 litres of fruit juice concentrate and be sold for $30 per litre. What is the difference in profit if the company decides to process further fruit pulp instead of selling it at split-off? Please put a negative sign to indicate a decrease and round your answer to two decimal places if necessary. 2$Vermont Treats makes blueberry jam and blueberry syrup. Both products come out of a joint process 60,000 per year. The sales value of the blueberry jam is $20,000 per year. The sales value of the 80,000 per year. Use the relative sales value method to allocate the joint costs of the process to the products.Autry Company manufactures veterinary products. One joint process involves refining a chemical (dactylyte) into two chemicals − dac and tyl. One batch of 5,000 gallons of dactylyte can be converted to 2,000 gallons of dac and 3,000 gallons of tyl at a total joint processing cost of $12,000. At the split-off point, dac can be sold for $3 per gallon and tyl can be sold for $4 per gallon. Autry has just learned of a new process to convert dac into prodac. The new process costs $4,000 and yields 1,700 gallons of prodac for every 2,000 gallons of dac. Prodac sells for $5 per gallon. Should Autry process dac further? Yes, income will be $1,500 higher. Yes, income will be $5,000 higher. No, income will be $5,000 lower. It doesn't matter; income will be the same. No, income will be $1,500 lower.