Outputs with zero sales value are accounted for by O ·listing these various outputs in a footnote to the financial statements. • including the items as a relatively small portion of the value assigned to the products produced during the accounting period. O • making journal entries to reflect an estimate of possible values. .pone of the above

Outputs with zero sales value are accounted for by O ·listing these various outputs in a footnote to the financial statements. • including the items as a relatively small portion of the value assigned to the products produced during the accounting period. O • making journal entries to reflect an estimate of possible values. .pone of the above

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6MC: Which is nor needed to compute equivalent units of production? A. the percentage of completion for...

See similar textbooks

Similar questions

Using a physical measurement method, what amount of joint processing cost is allocated to Product B? c. P1,311.00 d. P3,495.00 b. P2,447.00 a. P1,748.00 Using the sales value at split-off point method, what of amount of joint processing cost is allocated to Product A? c. P1,108.00 b. P2,276.00 a. P4,433.00 d. P1,182.00 Using net realizable value after split-off point method, what amount of joint processing cost is allocated to Product C? d. P4,263.00 c. P2,375.00 b. P1,550.00 a. P1,017.00
Under 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
Which of the following statements correctly complete the sentence:"Gross Margin equals":I. sales revenue less (minus) cost of goods sold.II. contribution margin less (minus) fixed costs.III. operating income plus all period costs.IV. sales revenue less (minus) cost of goods manufactured.
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.
All other things being equal, a company that sells multiple products should attempt to structure its sales mix so the greatest portion of the mix is composed of those products with the highest: a. Selling price. b. Fixed costs. c. Gross profit/margin per unit. d. Cost of goods sold. e. Quantity/unit sold.
Please refer to pictures for parts 1 and 2, here is part 3: Cost per unit of goods sold using: Absorption costing Product cost per unit Number of units sold Cost of sold goods
Refer to Exercise 7.25 and allocate the joint costs using the sales-value-at-split-off method.
When management believes that there is a direct link between the joint costs incurred and the value of products before further processing takes place, the _____ is the best alternative to allocating joint costs. A.physical measures methodB.NRV methodC.sales value at splitoff methodD.constant grossmargin percentage method
In Cost-Volume-Profit analysis, it is an important assumption that all units produced are sold; in other words, number of units produced is as sumed to be equal to number of units sold. Select one: 1.True 2.False
Which of the following is the best definition of product costs? a. Product costs are those costs that change with changes in the level of product activity, over a defined period of time. b. Product costs are the costs associated with unsold products retained in stock. c. Product costs are overhead costs that are allocated over a number of products of the business for which costs are to be determined d. Product costs are those costs associated with goods or services purchased, or produced, for sale to customers
Using sales value at split-off, what amount of joint processing cost is allocated to Product Alpha? Using a physical measurement method, what amount of joint processing cost is allocated to Product Gamma? Using net realizable value at split-off, what amount of joint processing cost is allocated to Product Delta?
Using a physical measurement method, what amount of joint processing cost is allocated to product B? Using sales value at split-off, what amount of joint processing cost is allocated to Product B?