Homework Help is Here – Start Your Trial Now!
Business
Accounting
By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $198,800. Product Pounds Produced Separate Cost Final Selling Price 25,200 28,000 2,800 $3.00 5.20 0.30 $16.00 13.00 1.50 Fillet Smoked Remnants a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. $ Fillet Smoked Total $ 117,264 78,176 195,440 b. Determine the value of ending Finished Goods Inventory, assuming that 5,600 pounds of salmon fillets, 3,360 pounds of smoked salmon, and 490 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants Total inventory value $ $ 26,056 x 68,795 x 2,772 x 162,772 x

By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $198,800. Product Pounds Produced Separate Cost Final Selling Price 25,200 28,000 2,800 $3.00 5.20 0.30 $16.00 13.00 1.50 Fillet Smoked Remnants a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. $ Fillet Smoked Total $ 117,264 78,176 195,440 b. Determine the value of ending Finished Goods Inventory, assuming that 5,600 pounds of salmon fillets, 3,360 pounds of smoked salmon, and 490 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants Total inventory value $ $ 26,056 x 68,795 x 2,772 x 162,772 x

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter7: Allocating Costs Of Support Departments And Joint Products
Section: Chapter Questions
Problem 10CE: A company manufactures three products, L-Ten, Triol, and Pioze, from a joint process. Each...
See similar textbooks
icon
Related questions
Question
None
By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $198,800. Product Pounds Produced Separate Cost Final Selling Price 25,200 28,000 2,800 $3.00 5.20 0.30 $16.00 13.00 1.50 Fillet Smoked Remnants a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. $ Fillet Smoked Total $ 117,264 78,176 195,440 b. Determine the value of ending Finished Goods Inventory, assuming that 5,600 pounds of salmon fillets, 3,360 pounds of smoked salmon, and 490 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants Total inventory value $ $ 26,056 x 68,795 x 2,772 x 162,772 x
Transcribed Image Text:By-product; net realizable value method Weinberg Canning produces fillet, smoked salmon, and salmon remnants in a single process. The same amount of disposal cost is incurred whether a product is sold at split-off or after further processing. In October, the joint cost of the production process was $198,800. Product Pounds Produced Separate Cost Final Selling Price 25,200 28,000 2,800 $3.00 5.20 0.30 $16.00 13.00 1.50 Fillet Smoked Remnants a. The remnants are considered a by-product of the process and are sold to cat food processors. Allocate the joint cost based on approximated net realizable value at split-off. Use the net realizable value method to account for the by-product, subtracting the by-product cost from the cost of Work in Process Inventory-Joint Products. $ Fillet Smoked Total $ 117,264 78,176 195,440 b. Determine the value of ending Finished Goods Inventory, assuming that 5,600 pounds of salmon fillets, 3,360 pounds of smoked salmon, and 490 pounds of salmon remnants were sold. Note: Round cost per pound to the nearest penny in your calculations. Note: Round your final answers below to the nearest whole dollar. Inventory values: Fillet Smoked Remnants Total inventory value $ $ 26,056 x 68,795 x 2,772 x 162,772 x
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
SEE MORE TEXTBOOKS