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At John's company, two types of candles are created from the common melting and molding process: pillar candles and votive candles (eight votives per pack one pack is one unit). The costs of the joint process total $56,700. The votive candles are sold directly after production, but the pillar candles are further etched and designed to increase their value. The quantities, costs, and values of these products as produced and sold are as follows. Production units at split-off Units sold at split-off Further processing cost Production units after further processing Units sold after further processing Sales price per unit Pillar Candles 20.000 $4 Votive Candles 10,000 9,000 $1.89 Etched, Decorated Pillar Candles $10,000 20,000 19.000 $6

At John's company, two types of candles are created from the common melting and molding process: pillar candles and votive candles (eight votives per pack one pack is one unit). The costs of the joint process total $56,700. The votive candles are sold directly after production, but the pillar candles are further etched and designed to increase their value. The quantities, costs, and values of these products as produced and sold are as follows. Production units at split-off Units sold at split-off Further processing cost Production units after further processing Units sold after further processing Sales price per unit Pillar Candles 20.000 $4 Votive Candles 10,000 9,000 $1.89 Etched, Decorated Pillar Candles $10,000 20,000 19.000 $6

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter5: Support Department And Joint Cost Allocation
Section: Chapter Questions
Problem 4BE: Blakes Blacksmith Co. produces two types of shotguns, a 12-gauge and 20-gauge. The shotguns are made...
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(c) Allocate the joint costs under the NRV method and prepare (1) a partial income statement through gross margin and (2) the inventory section of the balance sheet. (Round proportion to 4 decimal places, e.g. 0.2516 and final answers to 2 decimal places, e.g. 15.25.) (1) A partial income statement through gross margin $ $ (2) The inventory section of the balance sheet John Company Partial Income Statement Assets Pillar John Company Balance Sheet $ $ Votive $ Totals
Transcribed Image Text:(c) Allocate the joint costs under the NRV method and prepare (1) a partial income statement through gross margin and (2) the inventory section of the balance sheet. (Round proportion to 4 decimal places, e.g. 0.2516 and final answers to 2 decimal places, e.g. 15.25.) (1) A partial income statement through gross margin $ $ (2) The inventory section of the balance sheet John Company Partial Income Statement Assets Pillar John Company Balance Sheet $ $ Votive $ Totals
At John's company, two types of candles are created from the common melting and molding process: pillar candles and votive candles (eight votives per pack; one pack is one unit). The costs of the joint process total $56,700. The votive candles are sold directly after production, but the pillar candles are further etched and designed to increase their value. The quantities, costs, and values of these products as produced and sold are as follows. Production units at split-off Units sold at split-off Further processing cost Production units after further processing Units sold after further processing Sales price per unit Pillar Candles 20,000 $4 Votive Candles 10,000 9,000 $1.89 Etched, Decorated Pillar Candles $10,000 20,000 19,000 $6
Transcribed Image Text:At John's company, two types of candles are created from the common melting and molding process: pillar candles and votive candles (eight votives per pack; one pack is one unit). The costs of the joint process total $56,700. The votive candles are sold directly after production, but the pillar candles are further etched and designed to increase their value. The quantities, costs, and values of these products as produced and sold are as follows. Production units at split-off Units sold at split-off Further processing cost Production units after further processing Units sold after further processing Sales price per unit Pillar Candles 20,000 $4 Votive Candles 10,000 9,000 $1.89 Etched, Decorated Pillar Candles $10,000 20,000 19,000 $6
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