Crane Inc. operates a lumber yard. Crane purchases the raw materials for $52400 and incurs additional processing costs of $36400 to obtain three observable joint products. Further processing and final sales values for the products are as follows: Product 25 ft board 30 ft board 50 ft board Further Processing Costs O $27275. $23229. O $41200. O $28740. $11200 13300 19100 Final Sales Value $52400 56400 62100 What is the amount of joint costs assigned to the 25 ft board using the net realizable value (NRV) method?

Crane Inc. operates a lumber yard. Crane purchases the raw materials for $52400 and incurs additional processing costs of $36400 to obtain three observable joint products. Further processing and final sales values for the products are as follows: Product 25 ft board 30 ft board 50 ft board Further Processing Costs O $27275. $23229. O $41200. O $28740. $11200 13300 19100 Final Sales Value $52400 56400 62100 What is the amount of joint costs assigned to the 25 ft board using the net realizable value (NRV) method?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 13P: Venezuela Oil Inc. transports crude oil to its refinery where it is processed into main products...

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