21. Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are available: a. • P2.033 b. • P1.985 c. • P2.045 d. • P2.106
Q: Explain why people commit fraud. 2. What are the various types of fraud?
A: Fraud is any intentional act done to obtain illegal or unjust advantage by employees, management, th...
Q: XYZ Enterprises produces high quality blankets sold to hotels and resorts. Blankets must be well mad...
A: The special order should be considered of it provides additional income to the business.
Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable inco...
A: Calculation of taxable income 2021 Particulars Amount Pretax financial income 1,359,000 Less:...
Q: Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost ...
A: Formula used for calculating Gross profit: Gross profit = Sales revenue - Cost of merchandise sold
Q: Exercise 4-3 (Algo) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare j...
A:
Q: 70. The book recorded a check disbursement in November for P15,000, the correct amount is P25,000. ...
A: Error can be of 4 types Error of Omission: When transaction are completely or partially recorded in...
Q: Your client, Ms. I. M. Gorgeous, is an aspiring actress. She has managed to earn a living doing tele...
A: Deductible expenses are those that can be subtracted from a professional or company's income before ...
Q: Type your response on the space provided: FACTS: You are a wedding dress maker. You obliged yourself...
A: Since the dress maker has not delivered the dress within the stipulated time, he will be liable to p...
Q: Batangas Product Trader Statement of Changes in Owner's Equity For the Month November 30, 2021 Batan...
A: In Vertical analysis percentage is calculated by taking a base in the financial statement. Percentag...
Q: B. Retained Earnings Statement E Batance SheetMsimpte unelassified) Adjusted Trial Balance Debit Cre...
A: The income statement explains the financial performance of the company for a particular period of ti...
Q: estimated residual value of P70,000 and an estimated useful life of six years. After using and depre...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: At December 1, 2021, Concord Company's accounts receivable balance was $1740. During December, Conco...
A: Ending accounts receivable balance = Beginning accounts receivable balance + Credit sales during the...
Q: Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller)...
A: Under Periodic inventory method, all purchases made between physical inventory counts are documented...
Q: What is the risk caused by the sample taken by the Auditor that does not describe the characteristic...
A: Audit sampling is the audit procedure in which sample is selected to test the whole data or informat...
Q: Which of the following procedures provides the most relevant information to determine the adequacy o...
A: Introduction:- Accounts receivables:- Accounts receivables are the credit sales of a company and whi...
Q: the right to the column Move across the line to the column showing 3 allowances. showing the appropr...
A: In the question, it is mentioned, we will compute the standard amount to be withheld using Forms W-4...
Q: a. - On November 1, 2010, Chef Joe's Kitchen paid $2,325 in advance for 3 months of rent on its faci...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The a...
Q: On July 1, 2021, S Furniture, sold to B tables and chairs for a price of P500,000 for the latter's c...
A: S will not bear the loss because there is an exception to res perit domino rule
Q: Accounting Ledger Accounting Equation - - On September 1, 2010, the business agreed to cater 23 even...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The a...
Q: Adams Co. reports the following balance sheet accounts as of December 31. $ 7,400 Retained earnings ...
A: A balance sheet is a financial statement of position of the company's assets, liabilities and equity...
Q: During the month of June, Job 100 was started. Data are as follows: Units produced is 1,200 units; U...
A: Solution: Gross margin for product sold is computed as = Sales - Cost of goods sold Where Sales = re...
Q: Juan Dela Cruz operates a small machine shop. He manufactures one standard product available from m...
A: a. (1) Calculate the differentials' cost of the order. Therefore the differential cost of the orde...
Q: lberg Associates, antique dealers, purchased goods for $38,700. Terms of the purchase were FOB shipp...
A: Solution: Cost of inventory includes all those costs which are incurred to bring the inventory in th...
Q: The standard number of hours that should have been worked for the output attained is 10,000 direct l...
A: Direct labor rate variance = Actual hours ×[Actual rate - standard rate]
Q: Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on Januar...
A: Lets understand the basics. When issue of preferred stock is made the journal entry is required to m...
Q: INCOME STATEMENT JUST STUFF, INC. FOR THE YEARS ENDED DEC. 31 2019 & 2020 2019 2020 Sales Revenue P2...
A: 1. Vertical Analysis - The Statement of Financial Position - The statement of financial position is ...
Q: Bert Baker and Ernestine Moffet were never formally married but have lived together as husband and w...
A: Introduction:- Bert Baker and Ernestine Moffet have been living together as husband and wife for the...
Q: (b) Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred ...
A: Solution:- Given, Financial Income = $1,634,000 in 2020 and $1,359,000 in 2021. Purchase Equipment =...
Q: An enterprise provides each of its directors with a car. The company purchases these at £40,000 each...
A: The reducing balance method is also know as declining balance method where rate of depreciation is c...
Q: he accountant at Fidel Trading has received the November 2010 bank statement. She immediately invest...
A: A bank statement is generally provided by the bank. Apart from bank statements, the company maintain...
Q: Leprechan Inc. had the following stock and convertible securities outstanding on January 1: • 750,00...
A: Earnings per share (EPS) is calculated by dividing a company's profit by the number of shares of com...
Q: XYZ Entertainment Solutions Corporation manufactures and sells smart phones. Information on the prio...
A: Cost-volume-profit (CVP) analysis is a way to find out how changes in variable and fixed costs affec...
Q: The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income r...
A: Given, Net Profit = P600,000 Income of X, Y and Z = 50%, 30% and 20% Z's share from the net income o...
Q: he budget for the month of May was for 15,600 units at a direct materials cost of $30 per unit. Dire...
A:
Q: On January 1, 2018, a new building was purchased at a cost of P30 million. Depreciation was computed...
A: Concept: Revaluation surplus will be the differed between carrying amount of the building on Decembe...
Q: Vibrant Company had $950,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased mercha...
A: The gross profit is calculated as difference between sales and cost of goods sold. Cost of goods sol...
Q: What is Accounting
A: Bookkeeping refers to the process of identifying, measuring and recording of financial transactions....
Q: The price of a commodity increased by 5% from 2014 to 2015, 8% irom 2015 to 2016 and 77% from 2016 t...
A: For the purpose of the average increase in the price of a commodity over a period of time, per year ...
Q: The San Miguel Company self constructed an asset for its own use. Construction started on January 1,...
A: The question is related to Borrowing Cost. All Cost that are directly attributable to the acquisitio...
Q: Which of the following may qualify as cash equivalents? O Investment in preference shares acquired w...
A: Lets understand the meaning of cash and cash equivalent. Cash and cash equivalent is an item which i...
Q: roper format. munt Amount Account Amount Expense 18,000 Beginning Inventory 190,000 Return 2,000 Lan...
A: Income statement (IS) is the statement which is prepared by the companies during the end of period ...
Q: on sells products for $43 each that have variab ual fixed cost is $638,000. ontribution margin appro...
A: Breakeven point is where the fixed cost equals the contribution margin . At breakeven point there is...
Q: On January 1, 2020, Alpha Aviation issues 105,000 shares of stock. Shortly thereafter, Delta Tech pu...
A: Dividend refers to the profit distribution to its shareholders and when the business earns the profi...
Q: The following data relate to a piece of equipment owned by Xyza Company, a calendar-year company. T...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: The standard quantity allowed for the units produced was 4,500 pounds, the standard price was P2.50 ...
A: Solution: Standard quantity for actual production = 4500 pound Standard quantity per units produced ...
Q: 20 Pope Company makes a single product that is subject to wide seasonal variations in demand. The co...
A: Using high low method, the fixed cost and variable costs are separated from the mixed cost.
Q: Jacobe Company uses the weighted-average method in its process costing system. The Assembly Departme...
A: Equivalent units is defined as how much work has been done on a certain number of physical units. To...
Q: Financial information that is capable of making a difference in a decision is a) relevat b) faithful...
A: Fundamental qualities of financial information should be: 1. Relevance 2. Faithful representative.
Q: Help me with question b) only Ratio calculations:
A: Ratio Analysis The Purpose of preparing the Ratio Analysis is to measure the strength and weakness o...
Q: In the current year, X Corp has the following items of income for tax purposes: gross profits from s...
A: Dividend received from 20% or more owned domestic then special deduction as per TCJA of 65% DRD is a...
21. Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are available:
Step by step
Solved in 2 steps
- A company manufactures three products, L-Ten, Triol, and Pioze, from a joint process. Each production run costs 12,900. None of the products can be sold at split-off, but must be processed further. Information on one batch of the three products is as follows: Required: 1. Allocate the joint cost to L-Ten, Triol, and Pioze using the net realizable value method. (Round the percentages to four significant digits. Round all cost allocations to the nearest dollar.) 2. What if it cost 2 to process each gallon of Triol beyond the split-off point? How would that affect the allocation of joint cost to the three products?Computing joint costssales value at split-off and net realizable value methods D.L. Manufacturing Inc.s joint cost of producing 1,000 units of Product A, 500 units of Product B, and 500 units of Product C is 20,000. The unit sales values of the three products at the split-off point are Product A20, Product B200, and Product C160. Ending inventories include 100 units of Product A, 200 units of Product B, and 300 units of Product C. a. Compute the amount of joint cost that would be included in the ending inventory valuation of the three products on the basis of their sales value at split off. b. Assume that Product C can be sold for 200 a unit if it is processed after split-off at a cost of 25 a unit. Compute the amount of joint cost that would be included in the ending inventory valuation of the three products on the basis of their net realizable values.Laramie Industries produces two joint products, H and C. Prior to the split-off point, the company incurred costs of $66,000. Product H weighs 44 pounds and product C weighs 66 pounds. Product H sells for $250 per pound and product C sells for $295 per pound. Based on a physical measure of output, allocate joint costs to products H and C.
- LeMoyne Manufacturing Inc.’s joint cost of producing 2,000 units of Product X, 1,000 units of Product Y, and 1,000 units of Product Z is $50,000. The unit sales values of the three products at the split-off point are Product X–$30, Product Y–$100, and Product Z–$90. Ending inventories include 200 units of Product X, 300 units of Product Y, and 100 units of Product Z. Compute the amount of joint cost that would be included in the ending inventory valuation of the three products on the basis of their sales values at split-off. Assume that Product Z can be sold for $120 a unit if it is processed after split-off at a cost of $10 a unit. Compute the amount of joint cost that would be included in the ending inventory valuation of the three products on the basis of their net realizable values.Use the following information for Multiple-Choice Questions 2-3 and 2-4: Wachman Company produces a product with the following per-unit costs: Last year, Wachman produced and sold 2,000 units at a price of 75 each. Total selling and administrative expense was 30,000. 2-3Refer to the information for Wachman Company on the previous page. Conversion cost per unit was a. 21. b. 25. c. 34. d. 40. e. None of these.The following production data came from the records of Olympic Enterprises for the year ended December 31, 2016: During the year, 40,000 units were manufactured but only 35,000 units were sold. Determine the effect on inventory valuation by computing the following: 1. Total inventoriable costs and the cost of the 35,000 units sold and of the 5,000 units in the ending inventory, using variable costing. 2. Total inventoriable costs and the cost of the 35,000 units sold and of the 5,000 units in the ending inventory, using absorption costing.
- Oakes Inc. manufactured 40,000 gallons of Mononate and 60,000 gallons of Beracyl in a joint production process, incurring 250,000 of joint costs. Oakes allocates joint costs based on the physical volume of each product produced. Mononate and Beracyl can each be sold at the split-off point in a semifinished state or, alternatively, processed further. Additional data about the two products are as follows: An assistant in the companys cost accounting department was overheard saying ...that when both joint and separable costs are considered, the firm has no business processing either product beyond the split-off point. The extra revenue is simply not worth the effort. Which of the following strategies should be recommended for Oakes?Breegle Company produces three products (B-40, J-60, and H-102) from a single process. Breegle uses the physical volume method to allocate joint costs of 22,500 per batch to theproducts. Based on the following information, which product(s) should Breegle continue toprocess after the split-off point in order to maximize profit? a. B-40 only b. J-60 only c. H-102 only d. B-40 and H-102 onlyCost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
- The following data were adapted from a recent income statement of Caterpillar Inc. (CAT) for the year ended December 31: Assume that 8,500 million of cost of goods sold and 4,000 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Also, assume that 30% of the beginning and ending inventories were fixed costs. a. Prepare an income statement according to the variable costing concept for Caterpillar Inc. Round numbers to nearest million. b. Explain the difference between the amount of operating income reported under the absorption costing and variable costing concepts. Round numbers to nearest million.Company produced joint products M, N and O from same raw materials with total joint costs P35,000. Other data are as follows: Quantity Produced in units (1,500; 2,500; 1,000); Unit Market value at split-off (P6; P10; P8); Final unit selling price (P10, P12, P15); Additional costs after split off (P3,000; P2,000; P5,000); Quantity Sold (1,200; 2,000; 800). Using the average unit cost method, what is the unit cost of Product M? P 7.80 P12.00 P 9.00 P 7.00Company produced joint products M, N and O from same raw materials with total joint costs P35,000. Other data are as follows: Quantity Produced in units (1,500; 2,500; 1,000); Unit Market value at split-off (P6; P10; P8); Final unit selling price (P10, P12, P15); Additional costs after split off (P3,000; P2,000; P5,000); Quantity Sold (1,200; 2,000; 800). Using the physical output method, what is the unit cost of Product N? P 9.00 P 7.80 P 7.00 P12.00