The Mallak Company produced three joint products at a joint cost of $100,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs P 300,000 lbs. $ 245,000 $ 200,000 Q 100,000 lbs. 30,000 -0- R 100,000 lbs. 175,000 100,000 What is the net income of Mallak Company if the estimated net realizable value method of joint cost allocation is used? Multiple Choice $150,000. $20,000. $50,000. $350,000.
The Mallak Company produced three joint products at a joint cost of $100,000. Two of these products were processed further. Production and sales were: Product Weight Sales Additional Processing Costs P 300,000 lbs. $ 245,000 $ 200,000 Q 100,000 lbs. 30,000 -0- R 100,000 lbs. 175,000 100,000 What is the net income of Mallak Company if the estimated net realizable value method of joint cost allocation is used? Multiple Choice $150,000. $20,000. $50,000. $350,000.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 13P: Venezuela Oil Inc. transports crude oil to its refinery where it is processed into main products...
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The Mallak Company produced three joint products at a joint cost of $100,000. Two of these products were processed further. Production and sales were:
Product | Weight | Sales | Additional |
|||||
P | 300,000 | lbs. | $ | 245,000 | $ | 200,000 | ||
Q | 100,000 | lbs. | 30,000 | -0- | ||||
R | 100,000 | lbs. | 175,000 | 100,000 | ||||
What is the net income of Mallak Company if the estimated net realizable value method of joint cost allocation is used?
Multiple Choice
-
$150,000.
-
$20,000.
-
$50,000.
-
$350,000.
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