Homework Help is Here – Start Your Trial Now!
Business
Accounting
NW Flour Company buys 1 input of standard flour and refines it using a special siting process to 3 cups of baking flour and 9 aups of bread flour. In May, NW bought 11,200 inputs of flour for $91,500. NW spent another S48,300 on the special siting process. The baking flour can be sold for $3.70 per cup and the bread flour for $5.00 per cup. NW puts the baking flour through a second process so it is super fine. This costs an additional S1 per cup of baking flour and the process yields - cup of super-fine baking flour for every one cup of baking flour used. The super-fine baking flour sells for $9.90 per oup. Reguired Super-Fine Baking Flour Bread Flour Total Final sales value of total production 166.320 $ 504,000 Deduct separable costs 33.00 S Net realizable value splitoff 132.720 $ 504,000 S 636,720 0.2084 0.7916 Weighting Jolnt costs allocated 29.134 $ 110,606 S 139.800 Requirement 1d. Allocate the $139,800 joint cost to the super-fine baking flour and the bread flour using the constant gross-margin percentage NRV method of joint-cost allocation. (Round the gross margin percentage to two decimal places, XXX%. Round your answers to the nearest whole dollar.) Super-Fine Baking Flour Bread Flour Total Final sales value of total production Deduct gross margin, using overall gross-margin percentage of sales Total production costs Deduct separable costs Joint costs allocated

NW Flour Company buys 1 input of standard flour and refines it using a special siting process to 3 cups of baking flour and 9 aups of bread flour. In May, NW bought 11,200 inputs of flour for $91,500. NW spent another S48,300 on the special siting process. The baking flour can be sold for $3.70 per cup and the bread flour for $5.00 per cup. NW puts the baking flour through a second process so it is super fine. This costs an additional S1 per cup of baking flour and the process yields - cup of super-fine baking flour for every one cup of baking flour used. The super-fine baking flour sells for $9.90 per oup. Reguired Super-Fine Baking Flour Bread Flour Total Final sales value of total production 166.320 $ 504,000 Deduct separable costs 33.00 S Net realizable value splitoff 132.720 $ 504,000 S 636,720 0.2084 0.7916 Weighting Jolnt costs allocated 29.134 $ 110,606 S 139.800 Requirement 1d. Allocate the $139,800 joint cost to the super-fine baking flour and the bread flour using the constant gross-margin percentage NRV method of joint-cost allocation. (Round the gross margin percentage to two decimal places, XXX%. Round your answers to the nearest whole dollar.) Super-Fine Baking Flour Bread Flour Total Final sales value of total production Deduct gross margin, using overall gross-margin percentage of sales Total production costs Deduct separable costs Joint costs allocated

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter10: Short-term Decision Making
Section: Chapter Questions
Problem 3PA: Marcotti Cupcakes bakes and sells a basic cupcake for $1.25. The cost of producing 600,000 cupcakes...
See similar textbooks
icon
Related questions
Question
NW Flour Company buya 1 input of standard flour and refines it using a special sifting proceas to 3 cups of baking flour and 9 cups of bread flour. In May, NW bought 11,200 inputs of flour for $91,500. NW spent another $48,300 on the special sifting process. The baking flour can be sold for $3.70 per cup and the bread flour for $5.00 per cup. NW puts the baking flour through a second procesa so it is super fine. This costs an additional $1 per cup of baking flour and the process yields - cup of super-fine baking flour for every one cup of baking flour used. The super-fine baking flour sells for $9.90 per cup. Required Super-Fine Baking Flour Bread Flour Total Final sales value of total production 166.320 $ 504,000 33.600 $ Deduct separable costs Net realizable value at splitoff 132,720 $ 504,000 S 636,720 Weighting 0.2084 0.7916 Jolnt costs allocated 29,134 $ 110,666 S 139,800 Requirement 1d. Allocate the $139,800 joint cost to the super-fine baking flour and the bread flour using the constant gross-margin percentage NRV method of joint-cost allocation. (Round the gross margin percentage to two decimal places, X.XX%. Round your answers to the nearest whole dollar.) Super-Fine Baking Flour Bread Flour Total Final sales value of total production Deduct gross margin, using overall gross-margin percentage of sales Total production costs Deduct separable costs Joint costs allocated
Transcribed Image Text:NW Flour Company buya 1 input of standard flour and refines it using a special sifting proceas to 3 cups of baking flour and 9 cups of bread flour. In May, NW bought 11,200 inputs of flour for $91,500. NW spent another $48,300 on the special sifting process. The baking flour can be sold for $3.70 per cup and the bread flour for $5.00 per cup. NW puts the baking flour through a second procesa so it is super fine. This costs an additional $1 per cup of baking flour and the process yields - cup of super-fine baking flour for every one cup of baking flour used. The super-fine baking flour sells for $9.90 per cup. Required Super-Fine Baking Flour Bread Flour Total Final sales value of total production 166.320 $ 504,000 33.600 $ Deduct separable costs Net realizable value at splitoff 132,720 $ 504,000 S 636,720 Weighting 0.2084 0.7916 Jolnt costs allocated 29,134 $ 110,666 S 139,800 Requirement 1d. Allocate the $139,800 joint cost to the super-fine baking flour and the bread flour using the constant gross-margin percentage NRV method of joint-cost allocation. (Round the gross margin percentage to two decimal places, X.XX%. Round your answers to the nearest whole dollar.) Super-Fine Baking Flour Bread Flour Total Final sales value of total production Deduct gross margin, using overall gross-margin percentage of sales Total production costs Deduct separable costs Joint costs allocated
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Theory of Constraints (TOC)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
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
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Essentials of Business Analytics (MindTap Course …
Essentials of Business Analytics (MindTap Course …
Statistics
ISBN:
9781305627734
Author:
Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS