Joint costs are inseparable Oa. before the split-off point Ob. before the joint manufacturing process begins Oc. Oc. after the joint products have been sold Od. after the split-off point
Q: Are allocated joint processing costs relevant when making a decision to sell a joint product at the…
A: Definition: Joint production process: A joint production process results in two or more products,…
Q: Under net realizable value method of apportioning joint costs to joint products, the selling &…
A: The question is multiple choice question and is related to Joint product in Process costing.…
Q: That which determine(s) whether the costs assigned to units transferred out and to units in ending…
A: Beginning WIP + Costs incurred = Cost of completed units + Ending WIP Beginning WIP is known at the…
Q: Briefly describe the treatment of Joint Costs when making a sell-or-process-further decision. What…
A: Joint costs are the costs which are incurred jointly in the production process for two or more…
Q: Direct labor is included in the computation for the cost classified as Group of answer choices…
A: Prime cost = Direct material + Direct labor Product cost = Direct material + Direct labor +…
Q: Direct costs plus manufacture costs equal total Select one: O True False
A: The costs of production can be distinguished as variable and fixed cost.
Q: A method that uses measurement units such as tons, gallons, kilograms, pounds and feet to apportion…
A: Joint cost means the cost incurred to produce more than one units and then joint cost need to be…
Q: Define the following terms: joint products, joint costs, and split-off point.
A: Joint Products: When two are more products are produced in a process using the same basic raw…
Q: In a manufacturing company using absorption costing, the fixed costs associated with idle production…
A: The question is related to the Absorption costing.
Q: pay is based on sales revenue, while Commission; piece-rate Piece-rate, commission Exempt, nonexempt…
A: Sales revenue is the amount of revenue received from sale of goods and services in the business.…
Q: When units produced equal units sold, reported income is identical under absorption costing and…
A: Variable costing income statement The variable costing income statement is a statement prepared by…
Q: 1. Which of the following is a hybrid costing system that applies to batches of like or similar…
A: Note : As per answering guidelines only first question need to be answered However i answered…
Q: Which of the following statements is true of activity-based costing? O a. Activities are the cost…
A: Activity based costing is a type of costing system in which all indirect costs or overhead costs are…
Q: Under full absorption costing, which of the following are included in product costs? Only variable…
A: The absorption costing system is also known as the full costing system. It is allowed to be used by…
Q: 1.-A joint cost is a cost that benefits more than one product. II.-A by-product is a product that is…
A: Answer- Correct Option is Option D - Both Statements are TRUE.
Q: The EUP will be the same under FIFO method and weighted average methos if there is no beginning work…
A: FIFO means first in first out. Beginning work in process is the goods which is yet to complete and…
Q: Appropriate base to allocate purchase department cost to different products is? A. Machine Hour B.…
A: Absorption costing involves allocation of production expenses to product based on a parameter
Q: In order to determine product costs, JIT firms are usually structured so they can use: a.joint…
A: See the answer below:
Q: total fixed costs charged against the current year’s operations
A: Fixed costs are expenses incurred that do not vary according to the changes in volume of production…
Q: sed on your analysis in requirement 1, which product or products should be sold at the split-off…
A: A split-off point occurs when formerly jointly created components are now manufactured separately,…
Q: Using a physical measurement method, what amount of joint processing cost is allocated to Product B?…
A: Using a physical measurement method, joint cost is allocated on the basis units ( in this case…
Q: Allocate the common cost to Factory, Sales, and Administrative with a solution
A: given total costs factory sales administrative utilities 25000 60% 10% 30% taxes…
Q: Define the following terms: joint production process, joint costs, joint products, split-off point,…
A: Joint production process: A joint production process results in two or more products, called as…
Q: Joint procducts may be processed differently or maybe sold without processing. This process of…
A: Solution 1: Joint products may be processed differently or maybe sold without processing. This…
Q: TRUE OR FALSE The general principle in determining the number of cost pools is that a separate cost…
A: Solution: The general principle in determining the number of cost pools is that a separate cost pool…
Q: Which of the following choices correctly denotes the data needed to allocate joint costs under the…
A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…
Q: Which of the following statements is true of activity-based costing? O a. ABC ignores the allocation…
A: Activity based costing represents the costing method where the company identifies the cost pools and…
Q: The following are nine technical accounting terms introduced or emphasized in this chapter. Transfer…
A: Contribution Margin = Sales -Variable Cost
Q: Fixed overhead costs that will continue regardless of a make-or-buy decision are ________ to the…
A: It is pertinent to note that fixed cost is the cost irrespective of the level of activity. Example…
Q: If JIT manufacturing is used and each manufacturing cell produces a single product, which of the…
A: The costs incurred in the manufacturing process can be classified as direct or indirect cost. The…
Q: For joint cost allocation: only the net realizable method can be used to allocate joint costs to…
A: Joint Cost Allocation This is generally manufacturing cost which is in joint production process and…
Q: irect material irect labor
A: In Absorption costing all costs are charged to the product and…
Q: When materials costs differ significantly among products in a value stream, the valuestream product…
A: In contrast to traditional costing, value stream costing is an accounting technique for tracking…
Q: Which of the following statements is TRUE? a. Batch cost shall be the cost of production or…
A: Solution: Statement A= false Because Process costing shall be the cost of production or operation…
Q: I.-Direct material, direct labour, and overhead costs incurred up to the initial split-off point are…
A: Joint costs are cost incurred before the split off point. Split off point is the point at which the…
Q: Fixed costs are costs that: Select one: a. Neither of the above b. remain the same per unit at every…
A: Fixed Cost Correct Answer = Option B = Remain the same per unit at every activity level Variable…
Q: Under which costing system non-manufacturing costs may be included in ?calculating product costs…
A: There are different types of costing systems namely activity based costing system, absorption…
Q: a) Briefly describe the treatment of Joint Costs when making a sell-or-process-further decision.
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Joint costs are inseparable after the split-off point. True False
A: The correct answer is “False”.
Q: Allocating costs for joint products can be done by: a. Sales Value Approach O b. Contribution Margin…
A: Joint Products:- Joint products are defined as the products that are produced in a single production…
Q: Required: Assuming that total joint costs of $443,520 were allocated using the sales value at…
A: Allocation of joint cost using net realizable value method: The allocation under above method…
Q: REQUIRED: a. Joint cost allocated to by-product X amounted to? b. Joint
A: the fixed cost does not change along with the production. They have to incur irrespective of the…
Q: Required: Determine the unit product cost of each of the company's two products under activity-based…
A: Activity based costing means where the product is valued on the basis of actual direct material ,…
Q: Which of the following statement is false? Multiple Choice Fixed manufacturing overhead…
A: Under the absorption costing method, the fixed manufacturing overhead is allocated to units produced…
Q: Conversion costs include direct labor and manufacturing overhead. Select one: O a. FALSE O b. TRUE
A: Conversion costs: It is sum total of direct manufacturing labor costs and manufacturing overhead…
Q: Using a physical measurement method, what amount of joint processing cost is allocated to product B?…
A: Cost accounting is one of the branches of accounting. Under this branch, all types of costs incurred…
Q: Why might the number of products in a joint - cost situation differ from the number of outputs? Give…
A: Products: Product is anything which has a worth or which is capable of being bought and sold in the…
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- Products G and H are joint products developed from the same process with each being processed further. Joint costs are incurred until split-off, the separable costs are incurred in further refining each product. Sales values of G and H at split-off are used to allocate joint costs. If the sales value of G at split-off increases and all other costs and selling prices remain unchanged, the gross margin of A. G- decreases while H increases B. G- increases while H decreases C. G- increases and H increases D. G- decreases and H decreasesHarvey Corporation produces several joint products fromcommon materials and shared production processes. Whyare costs incurred up to the split-off point not relevant indeciding which products Harvey sells at the split-off pointand which products it processes further?Multiple costing is a technique of using two or more costing methods for ascertainment of cost by: a.the same industry for same product b.the same firm for same product c.the several firm for same product d.the several industries for same product Achievement of real and permanent reduction in the unit cost of product is called as: a.Cost control b.Cost reduction c.Cost analysis d.Cost estimation
- Which of the following statements is true? An avoidable fixed production cost incurred before the split-off point in a joint process is relevant in a sell or process further decision. It is profitable to continue processing joint products after the split-off point if their total revenues exceed the joint costs. Which of the following statements is true? Consistency demands that a cost that is relevant in one decision be regarded as relevant in other decisions as well. Variable costs are always relevant costs in decisions.In which scenario would an adjusted sales value be used to assign costs? a. If abnormal losses occur during production of joint products b. If a joint product is to be processed further after the point of separation c. If one of the joint products has negligible market value d. If joint products are separately identifiable before split-off pointJoint (common) costs in a joint production process are relevant for determining: Multiple Choice Which products should be produced internally and which products should be outsourced. The selling price of individual products produced as part of the joint production process. Which products should be produced up to the split-off point in the production process. Whether to produce at all. The set of products that should be subjected to additional processing.
- HAHA manfactures products R, S and T from a joint process. Below are additional information: Question: How much is the joint cost allocated to S using sales value split off method.Which of the following choices correctly denotes the data needed to allocate joint costs under the relative-sales-value method? Sales Value of Product at Split-Off Separable Cost Sales Value of Product After Processing Beyond Split-Off A. Yes Yes No B. Yes Yes Yes C. Yes No No D. No Yes Yes E. No No Yes Choice A Choice D Choice C Choice B Choice E[CPA Adapted] For purposes of allocating joint costs to joint products, the sales value at splitoff method could be used in which of the following situations? No costs Cost beyond beyond splitoff splitoff a. Yes No b. Yes No c. No Yes d. No Yes
- For joint cost allocation: only the net realizable method can be used to allocate joint costs to by-products. only the relative sales value method can be used to allocate joint costs to scrap. separable costs do not include disposal costs. no joint costs are allocated to by-products or scrap. the most accurate method is the one using physical measures of output.Which of the following components of production are allocable as joint cost when a single manufacturing process produces several salable products? Direct materials, direct labor, and overhead Direct materials and direct labor only Direct labor and overhead only Overhead and direct materials onlyUnder net realizable value method of apportioning joint costs to joint products, the selling & distribution cost is: a. Deducted from sales value b. Deducted from further processing cost c. Ignored d. Added to joint cost