Maurice Tutor

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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Midwest Clothing

(Sell or process further) Midwest Clothing produces three products (precut fabrics for hats, shirts, and pants) from a joint process. Joint cost is allocated on the basis of relative sales value at split-off. Rather than sell the products at split-off, the company has the option to complete each of the products. Information related to these products is shown below:

 

Hats

Shirts

Pants

Total

Number of units produced

5,000

8,000

3,000

16,000

Joint cost allocated

$87,000

?

?

$180,000

Sales values at split-off point

?

?

$40,000

$300,000

Additional costs of processing further

$13,000

$10,000

$39,000

$62,000

Sales values after all processing

150,000

$134,000

$105,000

$389,000

a. What amount of joint cost should be allocated to the Shirts and Pants products?

b. What are the sales values at split-off for Hats and Shirts?

c. Which products should be processed further? Show computations.

d. If 4,000 Shirts are processed further and sold for $67,000, what is gross profit on the sale?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 10:09 PM My Price 9.00

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