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Category > Accounting Posted 19 Aug 2017 My Price 12.00

Oink Oink’s Pork Co.

48.    LO.3 & LO.4 (Joint cost allocation; ending inventory valuation; by-product) During March 2010, the first month of operations, Oink Oink’s Pork Co. had the operating statistics shown in the following table.

 

 

Products

Weight in Pounds

Sales Value at Split-Off

Pounds Produced

 

Pounds Sold

Tenderloin

8,600

$132,000

6,440

5,440

Roast

13,400

86,000

16,740

14,140

Ham

10,800

22,400

8,640

7,640

Hooves

4,600

4,600

9,200

8,000

Costs of the joint process were direct material, $40,000; direct labor, $23,400; and over- head, $10,000. The company’s main products are pork tenderloin, roast pork, and ham; pork hooves are a by-product of the process. The company recognizes the net realiz- able value of by-product inventory at split-off by reducing total joint cost. Neither the main products nor the by-product requires any additional processing or disposal costs, although management could consider additional processing.

a.     Calculate the ending inventory values of each joint product based on (1) relative sales value and (2) pounds. (Round to nearest whole percentage.)

b.    Discuss the advantages and disadvantages of each allocation base for (1) financial statement purposes and (2) decisions about the desirability of processing the joint products beyond the split-off point.

 

Answers

Maurice Tutor
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Status NEW Posted 19 Aug 2017 12:08 AM My Price 12.00

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