Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total jointcosts in May were $564,000. Additional information follows:ProductChem-1Chem-2Chem-3Chem-4UnitsProducedSplit-Off288,000$ 220,000If Processed FurtherSales Value at AdditionalCosts$ 32,700Sales Values$ 260,000176,000192,000144,000264,00029,400149,60024,900290,000180,000800,000246,400$880,00026,300270,000$ 113,300$ 1,000,000Required:Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to eachproduct in May?Note: Do not round intermediate calculations.Joint CostsNRV at Split-OffProductAllocatedChem-1Chem-2Chem-3Chem-4

For allocating the general expenses to the products in costing there are few methods there, in this…

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 Chem-2 Units Produced 288,000 176,000 Sales Value at Additional Split-Off Costs Sales Values $ 220,000 $ 32,700 $ 260,000 264,000 29,400 Chem-3 192,000 Chem-4 144,000 149,600 246,400 24,900 26,300 290,000 180,000 270,000 800,000 $ 880,000 $ 113,300 $ 1,000,000 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: Do not round intermediate calculations.

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 Chem-2 Units Produced 288,000 176,000 Sales Value at Additional Split-Off Costs Sales Values $ 220,000 $ 32,700 $ 260,000 264,000 29,400 Chem-3 192,000 Chem-4 144,000 149,600 246,400 24,900 26,300 290,000 180,000 270,000 800,000 $ 880,000 $ 113,300 $ 1,000,000 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: Do not round intermediate calculations.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Harmon Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $75,000 was as follows: M Total Separable Processing cost $10,000 $25,000 $2,000 $ 37,000 Units Produced 1,200 2,500 4,300 8,000 Sales Value (after addt'1 processing) $60,000 $50,000 $7,000 $117,000 The amount of joint costs allocated to product M using the net realizable value method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar):
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 $581,000. Additional information follows: If Processed Further Additional Costs Product Chem-1 Chem-2 Units Produced 305,000 193,000 Sales Value at Split-Off Sales Values $ 237,000 281,000 $ 34,400 $ 277,000 31,100 307,000 Chem-3 209,000 Chem-4 161,000 166,600 263,400 26,600 197,000 28,000 287,000 868,000 $ 948,000 $ 120,100 $ 1,068,000 Required: Which, if any, of the four products would you recommend Barrett Chemicals sell at split-off (and not process further)? Note: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect. Chem-1 Chem-2 Chem-3 Chem-4
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 Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 295,000 $ 227,000 $ 33,400 $ 267,000 Chem-2 183,000 271,000 30,100 297,000 Chem-3 199,000 156,600 25,600 187,000 Chem-4 151,000 253,400 27,000 277,000 828,000 $ 908,000 $ 116,100 $ 1,028,000 Required: Barrett Chemicals uses the net realizable value method to allocate joint costs. What joint costs would be allocated to each product in May?
Batches Incorporated produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $95,000 was as follows: L M N Total Separable Processing cost $ 12,000 $ 29,000 $ 8,000 $ 49,000 Units Produced 2,000 4,500 5,100 11,600 Sales Value (after additional processing) $ 68,000 $ 60,000 $ 19,000 $ 147,000 The amount of joint costs allocated to product M using the physical measure method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar):
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 Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 302,000 $ 234,000 $ 34,100 $ 274,000 Chem-2 190,000 278,000 30,800 304,000 Chem-3 206,000 163,600 26,300 194,000 Chem-4 158,000 260,400 27,700 284,000 856,000 $ 936,000 $ 118,900 $ 1,056,000 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.
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 $594,000. Additional information follows: Product Units Produced Sales Value at Split-Off If Processed Further Additional Costs Sales Values Chem-1 264,000 $ 200,640 $ 29,040 $ 237,600 Chem-2 176,000 264,000 28,160 288,640 Chem-3 200,000 156,000 24,000 187,500 Chem-4 160,000 272,000 28,800 300,000 800,000 $ 892,640 $ 110,000 $ 1,013,740 Required: Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product in May?
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 $590,000. Additional Information follows: Sales Value at Split-Off $ 212,800 If Processed Further Additional Costs 393,600 172,500 Product Chem-1 Units Produced Sales Values 280,000 $ 30,800 $ 252,000 Chem-2 240,000 38,400 Chem-3 184,000 22,080 Chem-4 96,000 800,000 17,280 180,000 $ 879,520 $ 108,560 $ 998,100 360,000 143,520 163,200 Required: Barrett Chemicals uses the physical quantities 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. Joint Costs Allocated Product Chem-1 Chem-2 Chem-3 Chem-4
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: 270,000 If Processed Further Additional Costs $ 33,300 Product Chem-1 Units Produced 294,000 Sales Value at Split-Off $ 226,000 Sales Values $ 266,000 Chem-2 182,000 30,000 296,000 Chem-3 198,000 Chem-4 150,000 824,000 155,600 252,400 25,500 26,900 186,000 276,000 $ 904,000 $ 115,700 $ 1,024,000 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.
Benjamin Signal Company produces products R, J, C from a joint process. Each product may be sold at the split off point or be processed further. Joint production costs of $92,000 are allocated to the products based on the relative number of units produced. Data for the current year operations follow: Product Units Allocated Joint Sales Value at Produced Production Spit off Cost $ 32,000 $ 40,000 $ 20,000 $ 76,000 $ 71,000 $ 48,000 R 8,000 10,000 5,000 Product R can be processed beyond the split off point for an additional cost of $26,000 and can then be sold for $105,000. Product J can be processed beyond the split off point for an additional $38,000 and then sold for $117,000. Product C can be processed beyond the split off point for an additional $12,000 and then sold for $57,000. Required: Which products should be processed beyond the split off point? Show your calculations.
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 $568,000. Additional information follows: Product Chem-1 Chem-2 Chem-3 Chem-4 Units Produced 272,000 176,000 208,000 144,000 800,000 Product Chem-1 Chem-2 Chem-3 Chem-4 Joint Costs Allocated If Processed Further Sales Value at Additional Split-Off Costs $ 206,720 264,000 162, 240 244,800 $ 877,760 $ 29,920 28,160 24,960 25,920 $ 108,960 Sales Values $ 244,800 Required: Barrett Chemicals uses the physical quantities 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. 288,640 195,000 270,000 $ 998,440
Batches Incorporated produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $115.000 was as follows: Separable Processing cost Units Produced Sales Value (after additional processing) Multiple Choice $15,779 The amount of joint costs allocated to product L using the net realizable value method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): O $16,853 $ 14,000 $ 33,000 2,800 6,500 $ 76,000 $ 70,000 $36,681 N $ 14,000 5,900 $ 31,000 Total $ 61,000 15,200 $ 177,000 B
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: 281,000 If Processed Further Additional Costs $ 34,400 31,100 Sales Values $ 277,000 307,000 Product Chem-1 Units Produced 305,000 Sales Value at Split-Off $ 237,000 Chem-2 193,000 Chem-3 209,000 Chem-4 161,000 166,600 263,400 26,600 28,000 197,000 287,000 868,000 $ 948,000 $ 120,100 $ 1,068,000 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