ales-Value-at-Split-off Method lomar Company manufactures four products from a joint production process: barlon, selene, plicene, and corsol. The joint costs for one batch are a ollows: Direct materials Direct labor Overhead $66,000 31,000 25,000 at the split-off point, a batch yields 1,600 barion, 3,200 selene, 3,100 plicene, and 3,000 corsol. All products are sold at the split-off point: barion sem 17 per unit, selene sells for $20 per unit, plicene sells for $30 per unit, and corsol sells for $39 per unit. Required: Allocate the joint costs using the sales-value-at-split-off method. If required, round allocation rates to four decimal places and round the fina allocations to the nearest dollar. Barion Selene Plicene Corsol Total Allocated Joint Cost 10,980 X 25,620 X 37,820 X 47,580 X 122,000 X
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![Sales-Value-at-Split-off Method
Alomar Company manufactures four products from a joint production process: barlon, selene, plicene, and corsol. The joint costs for one batch are as
follows:
Direct materials
Direct labor
Overhead
$66,000
31,000
25,000
At the split-off point, a batch yields 1,600 barlon, 3,200 selene, 3,100 plicene, and 3,000 corsol. All products are sold at the split-off point: barlon sells fom
$17 per unit, selene sells for $20 per unit, pticene sells for $30 per unit, and corsol sells for $39 per unit.
Required:
Allocate the joint costs using the sales-value-at-split-off method. If required, round allocation rates to four decimal places and round the final
allocations to the nearest dollar.
Barlon
Selene
Plicene
Corsol
Total
Allocated Joint Cost
10,980 X
25,620 X
37,820 X
47,580 X
122,000 X
(Note: The total of the allocated cost may not equal actual total costs to due to rounding.)
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