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Category > Accounting Posted 10 Jun 2017 My Price 7.00

Joint Product Costing

 

Joint Product Costing

Northern Company processes 100 gallons of raw materials into 75 gallons of product GS-50 and 25 gallons of GS-80. GS-50 is further processed into 50 gallons of product GS-505 at a cost of $5,000, and GS-80 is processed into 50 gallons of product GS-805 at a cost of $2,000. Exhibit 1 depicts this manufacturing flow.

 

 

 

The production process starts at point 1. A total of $20,000 in joint manufacturing costs are incurred in reaching point 2. Point 2 is the split-off point of the process that manufactures GS-50 and GS-80. At this point, GS-50 can be sold for $300 a gallon, and GS-80 can be sold for $60 a gallon. The process is completed at point 3—products GS-505 and GS-805 have a sales price of $500 a gallon and $140 a gallon, respectively.

 

Required Allocate the joint product costs using each of the three methods: (1) physical measure, (2) sales value at split-off, and (3) net realizable value.

 

 

 

 
 

Answers

Alpha Geek
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Status NEW Posted 10 Jun 2017 10:06 AM My Price 7.00

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Attachments

file 1497089232-1239513_1_636325921543230733_Joint-product-costing-methods.xlsx preview (219 words )
12-----------395-----------13&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------296-----------871-----------Joi-----------nt -----------Pro-----------duc-----------t C-----------ost-----------ing-----------Nor-----------the-----------rn -----------Com-----------pan-----------y p-----------roc-----------ess-----------es -----------100----------- ga-----------llo-----------ns -----------of -----------raw----------- ma-----------ter-----------ial-----------s i-----------nto----------- 75----------- ga-----------llo-----------ns -----------of -----------pro-----------duc-----------t G-----------S-5-----------0 a-----------nd -----------25 -----------gal-----------lon-----------s o-----------f G-----------S-8-----------0. -----------GS------------50 -----------is -----------fur-----------the-----------r p-----------roc-----------ess-----------ed -----------int-----------o 5-----------0 g-----------all-----------ons----------- of----------- pr-----------odu-----------ct -----------GS------------505----------- at----------- a -----------cos-----------t o-----------f $-----------5,0-----------00,----------- an-----------d G-----------S-8-----------0 i-----------s p-----------roc-----------ess-----------ed -----------int-----------o 5-----------0 g-----------all-----------ons----------- of----------- pr-----------odu-----------ct -----------GS------------805----------- at----------- a -----------cos-----------t o-----------f $-----------2,0-----------00.----------- Ex-----------hib-----------it -----------1 d-----------epi-----------cts----------- th-----------is -----------man-----------ufa-----------ctu-----------rin-----------g f-----------low-----------.Pr-----------odu-----------ct -----------G-S----------- 50-----------Pro-----------duc-----------t G------------S -----------80T-----------ota-----------l$G-----------all-----------ons-----------Joi-----------nt -----------Man-----------ufa-----------ctu-----------rin-----------g c-----------ost-----------s
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