Denise Villanueva 40% found this document useful (5 votes) 20K views 15 pages 08 Costing
By-Products & Joint Products.doc © © All Rights Reserved DOC, PDF, TXT or read online from Scribd Did you find this document useful?Is this content inappropriate?Report this Document 40% found this document useful (5 votes) 20K views15 pages 08 Costing By-Products & Joint ProductsOriginal Title:08 Costing By-Products & Joint Products.doc Uploaded byDenise Villanueva Full description 22.Jeffrey Co. manufactures Products A and B from a joint process. Market value at split-off was$700,000 for 10,000 units of A, and $300,000 for 15,000 units of B. Using the market value atsplit-off approach, joint costs properly allocated to A were $140,000. Total joint costs were: Get answer to your question and much more 23.A company produces three main joint products and one by-product. The by-product's relativemarket value is quite low compared to that of the main products. The preferable accountingfor the by-product's net realizable value is as: Get answer to your question and much more 24.A company manufactures Products X and Y using a joint process. The joint processing costsare $10,000. Products X and Y can be sold at split-off for $12,000 and $8,000 respectively.After split-off, Product X is processed further at a cost of $5,000 and sold for $21,000,whereas Product Y is sold without further processing. If the company uses the market valuemethod for allocating joint costs, the joint cost allocated to X is:A.$4,000B.$5,000C.$6,000D.$6,667E.none of the above Get answer to your question and much more B22.Jeffrey Co. manufactures Products A and B from a joint process. Market value at split-off was $700,000 for 10,000 units of A, and $300,000 for 15,000 units of B. Using themarket value at split-off approach, joint costs properly allocated to A were $140,000.Total joint costs were: Get answer to your question and much more C23.A company produces three main joint products and one by-product. The by-product'srelative market value is quite low compared to that of the main products. Thepreferable accounting for the by-product's net realizable value is as:24.A company manufactures Products X and Y using a joint process. The jointprocessing costs are $10,000. Products X and Y can be sold at split-off for $12,000 Get answer to your question and much more and $8,000 respectively. After split-off, Product X is processed further at a cost of$5,000 and sold for $21,000, whereas Product Y is sold without further processing. Ifthe company uses the market value method for allocating joint costs, the joint costallocated to X is:A.$4,000B.$5,000C.$6,000D.$6,667E.none of the above Answer: The characteristic that is most often used to distinguish a product as either a main product or a by-product is the amount of: sales value of the products produced during the common production process. #Staysafe #MerryChristmas Recommended textbook solutions
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Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 345 solutions Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions What is a joint product quizlet?Joint products occur when one production process leads to the production of two or more finished products. These products are not identical, but they share the same production process up to what is called the splitoff point.
Which of the following statements best describes a byAnswer: C. A product created along with the main product whose sales value does not cover its cost of production.
What I know about joint costs and by products?A joint cost is a cost that benefits more than one product, while a by-product is a product that is a minor result of a production process and which has minor sales.
Which of the following is the most practical reason for allocating service department costs to user departments?Service departments have their own costs, such costs are deducted in the income statement, but for management purposes, it is vital that such costs are allocated to the user departments to ascertain the correct costs, profitability, and performance of such departments.
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The characteristic that is most often used to distinguish a product as either a joint product
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