The Green Company processes unprocessed goat milk up to the split- off point where two products, condensed goat milk and skim goat milk result. The followinginformation was collected for the month of October:|Direct materials processed:100,500 gallons (after shrinkage)44,500 gallonsProduction:Condensed goat milkSkim goat milk56,000 gallons$4.25 per gallon$3.50 per gallonSales:Condensed goat milkSkim goat milkThe costs of purchasing the of unprocessed goat milk and processing it up to the split - off point to yield a total of 100,500 gallons of saleable product was $186.480.There were no inventory balances of either product. Condensed goat milk may be processed further to yield 44,000 gallons (the remainder is shrinkage) of a medicinalmilk product, Xyla, for an additional processing cost of $6 per usable gallon. Xyla can be sold for $21 per gallon.Skim goat milk can be processed further to yield 54,700 gallons of skim goat milk ice cream. for an additional processing cost per usable gallon of $6. The productcan be sold for $14 per gallon.There are no beginning and ending inventory balances.What is the estimated net realizable value of Xyla at the split- off point?

At split off point, Xyla was in the form on condensed milk as further processing and conversion to…

Answered: cessed: densed goat milk m goat milk…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Green Company processes unprocessed goat milk up to the split - off point where two products, condensed goat milk and skim goat milk result. The following information was collected for the month of October: | 99,000 gallons (after shrinkage) 43,500 gallons 55,500 gallons Direct materials processed: Production: Condensed goat milk Skim goat milk Sales: Condensed goat milk $3.75 per gallon Skim goat milk $2.75 per gallon The costs of purchasing the of unprocessed goat milk and processing it up to the split - off point to yield a total of 99,000 gallons of saleable product was $185.480. There were no inventory balances of either product. Condensed goat milk may be processed further to yield 43,000 gallons (the remainder is shrinkage) of a medicinal milk product, Xyla, for an additional processing cost of $4 per usable gallon. Xyla can be sold for $19 per gallon. Skim goat milk can be processed further to yield 54,200 gallons of skim goat milk ice cream, for an additional processing…
The Kenton Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June Direct Materials processed: 20,500 gallons (after shrinkage) Production: Butter Cream Condensed Milk Butter Cream Condensed Milk Butter Cream Condensed Milk Separable costs in Butter Cream total: Sales: Sales Price: 9,500 gallons 11,000 gallons 9,000 gallons 10.500 gallons $5.50 per gallon $9.50 per gallon OA $19,135 OB. $32.870 OC. $15,000 OD $35,400 $15,000 Condensed Milk $35,400 The cost of purchasing the of unprocessed milk and processing it up to the split-off point to yield a total of 20,500 gations of saleable product was $52,000 The company uses constant gross-margin percentage NRV method to allocate the joint costs of production. What is the allocated joint costs of Condensed Mik? (Round intermediary percentages to the nearest hundredth)
The Kenton Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June: Direct Materials processed: 23,500 gallons (after shrinkage) Production Sales Sales Price: Separable costs in total: Butter Cream Condensed Mik Butter Cream Condensed Milk Butter Cream Condensed Milk Butter Cream OA $35.500 B. $14,538 OC. $37,468 OD. $14,000 11,000 gallons 12,500 gallons 10,500 gallons 12,000 gallons $4.00 per gallon $9.00 per gallon $14,000 Condensed Milk $35,500 The cost of purchasing the of unprocessed milk and processing it up to the split-off point to yield a total of 23,500 gallons of saleable product was $52,000. The company uses constant gross-margin percentage NRV method to allocate the joint costs of production. What is the allocated joint costs of Condensed Milk? (Round intermediary percentages to the nearest hundredth) COLD
The Kenton Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June: Direct Materials processed. 21,000 gallons (after shrinkage) Production: Butter Cream Condensed Milk Butter Cream Condensed Milk Butter Cream Condensed Milk Separable costs in Butter Cream 9,000 gallons 12,000 gallons 8,500 gallons 11.500 gallons $5.50 per gallon $10.00 per gallon $15,000 Sales: Sales Price: total: Condensed Milk $35,000 The cost of purchasing the of unprocessed milk and processing it up to the split- off point to yield a total of 21.000 gallons of saleable product was $53,000. The company uses constant gross - margin percentage NRV method to allocate the joint costs of production. What is the allocated joint costs of Condensed Milk? (Round intermediary percentages to the nearest hundredth.)
The Brital Company processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June: Direct Materials processed: 27,500 gallons 12,000 gallons 15,500 gallons 11,500 gallons 15,000 gallons $2.00 per gallon $7.00 per gallon $15,000 Production: Butter Cream Condensed Milk Sales: Butter Cream Condensed Milk Sales: Butter Cream Condensed Milk Separable costs in Butter Cream total: Condensed Milk $33,700 The costs of purchasing the of unprocessed milk and processing it up to the split - off point to yield a total of 27,500 gallons of saleable product was $70,550. The company uses constant gross - margin percentage NRV method to allocate the joint costs of production. What is the allocated joint costs of Butter Cream?
The Alfarm Corporation processes raw milk up to the splitoff point where two products, cream and liquid skim, are produced and sold. There was no beginning inventory. The following material was collected for the month of February: Direct materials processed: 750,000 gallons (727,500 gallons of good product) 442,500 gallons Liquid skim 285,000 gallons 421,500 at $110 per gallon Liquid skim 273,000 at $100 per gallon Production: Cream Sales: Cream The cost of purchasing 750,000 gallons of direct materials and processing it up to the splitoff point to yield a total of 727,500 gallons of good product was $2,280,000. 1. What is the sales value at splitoff point proportions to allocate joint costs for cream and liquid skim, respectively? A. 59% and 41% B. 61% and 39% C. 50% and 50% D. 63% and 37%
The Alfarm Corporation processes raw milk up to the splitoff point where two products, cream and liquid skim, are produced and sold. There was no beginning inventory. The following material was collected for the month of February: Direct materials processed: 750,000 gallons (727,500 gallons of good product) Production: Cream 442,500 gallons Liquid skim 285,000 gallons Sales: Cream 421,500 at $110 per gallon Liquid skim 273,000 at $100 per gallon The cost of purchasing 750,000 gallons of direct materials and processing it up to the splitoff point to yield a total of 727,500 gallons of good product was $2,280,000. When using a physical-volume measure, what is the approximate amount of joint costs that will be allocated to cream and liquid skim? A) $1,386,804 and $893,196 B) $1,140,000 and $1,140,000 C) $1,368,000 and $912,000 D) $1,254,00 and $1,026,000 Please don't provide answer in image format thank you
The Alfarm Corporation processes raw milk up to the split-off point where two products, cream and liquid skim, are produced and sold. There was no beginning inventory. The following material was collected for the month of February: Direct materials processed: 800,000 gallons (778,500 gallons of good product) Production: Cream 443,500 gallons Liquid skim 335,000 gallons Sales: Cream 424,500 at $13 per gallon Liquid skim 324,000 at $12 per gallon The cost of purchasing 800,000 gallons of direct materials and processing it up to the split-off point to yield a total of 778,500 gallons of good product was $2,350,000. The Alfarm Corporation uses sales value at split off point method of allocating joint costs. What is the value of ending inventory for liquid skim? If you…
Answer the following question using the information below: The Alfarm Corporation processes raw milk up to the split-off point where two products, cream and liquid skim, are produced and sold. There was no beginning inventory. The following material was collected for the month of February: Direct materials processed: 750,000 gallons (727,500 gallons of good product) Production: Cream 442,500 gallons Liquid skim 285,000 gallons Sales: Cream 421,500 at $110 per gallon Liquid skim 273,000 at $100 per gallon The cost of purchasing 750,000 gallons of direct materials and processing it up to the split-off point to yield a total of 727,500 gallons of good product was $2,280,000. When using a physical-volume measure, what is the approximate amount of joint costs that will be allocated to…
Beverage Drink Company processes direct materials up to the splitoff point where two products, A and B, are obtained. The following information was collected for the month of July: Direct materials processed: 2,500 liters (with 20% shrinkage) Production: A 1,500 liters B 500 liters Sales: A $15.00 per liter B $10.00 per liter The cost of purchasing 2,500 liters of direct materials and processing it up to the splitoff point to yield a total of 2,000 liters of good products was $4,500. There were no inventory balances of A and B. Product A may be processed further to yield 1,375 liters of Product Z5 for an additional processing cost of $150. Product Z5 is sold for $25.00 per liter. There was no beginning inventory and ending inventory was 125 liters. Product B may be processed…
Beverage Drink Company processes direct materials up to the split - off point where two products, A and B, are obtained. The following information was collected for the month of July: Direct materials processed: 3,000 liters (with 25% shrinkage) Production: A 1,800 liters 450 liters Sales: А $15 per liter B $10 per liter The cost of purchasing 3,000 liters of direct materials and processing it up to the split- off point to yield a total of 2,250 liters of good products was $9,500. There were no inventory balances of A and B. Product A may be processed further to yield 1,700 liters of Product Z5 for an additional processing cost of $190. Product Z5 is sold for $70 per liter. There was no beginning inventory and ending inventory was 125 liters. Product B may be processed further to yield 350 liters of Product W3 for an additional processing cost of $320. Product W3 is sold for $75 per liter. There was no beginning inventory and ending inventory was 25 liters. If Product Z5 and Product W3…
Cola Drink Company processes direct materials up to the splitoff point where two products, A and B, are obtained. The following information was collected for the month of July: Direct materials processed: 2,500 liters (with 20% shrinkage) Production: A 1,500 liters B 500 liters $15.00 per liter $10.00 per liter Sales: A В The cost of purchasing 2,500 liters of direct materials and processing it up to the splitoff point to yield a total of 2,000 liters of good products was $4,500. There were no inventory balances of A and B. Product A may be processed further to yield 1,375 liters of Product Z5 for an additional processing cost of $150. Product Z5 is sold for $25.00 per liter. There was no beginning inventory and ending inventory was 125 liters. Product B may be processed further to yield 375 liters of Product W3 for an additional processing cost of $275. Product W3 is sold for $30.00 per liter. There was no beginning inventory and ending inventory was 25 liters. 5. When using sales…

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