Purple Paper Company processes wood pulp into two products. During July the joint costs of processing...
Purple Paper Company processes wood pulp into two products. During July the joint costs of processing were $50,000. Production and sales value information for the month were as follows:
Sales Value at
Product Kilograms Produced splitoff Point Separable Costs
Paper 125,000 $63,000 $221,000
Cardboard 96,000 46,000 262,000
Paper sells for $2.71 a kilogram and cardboard sells for $3.10 a kilogram.
There were no beginning or ending inventories for July
QUESTION:
Determine the amounts to be allocated to paper using the onstant gross margin percentage of NRV method
Homework Answers
Answer with working notes is given below
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Purple Paper Company processes wood pulp into two products.
During July the joint costs of processing...
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The Stenback Company produces two products, turpentine and methanol (wood alcohol), by a joint process. Joint costs amount to $144,000 per batch of output. Each batch totals 40,000 litres: 25% methanol and 75% turpentine. Both products are processed further without gain or loss in volume. Separable processing costs are methanol, $0.90 per litre; turpentine, $0.60 per litre. Methanol sells for $6.30 per litre; turpentine sells for $4.20 per litre Required Requirement 1. How much joint costs per batch should be...
The Stenback Company produces two products, turpentine and methanol (wood alcohol), by a joint process. Joint costs amount to $144,000 per batch of output. Each batch totals 40,000 litres: 25% methanol and 75% turpentine. Both products are processed further without gain or loss in volume. Separable processing costs are methanol, $0.90 per litre, turpentine, $0.60 per litre. Methanol sells for $6.30 per litre; turpentine sells for $4.20 per litre. Required Requirement 4. The company has discovered an additional process by...
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Company is one of the world's leading corn refiners. It produces two joint products, corn syrup and corn starch, using a common production process. In July 2018, Stenback reported the following production and selling price information: (Click the icon to view the production and selling price information.) Required Allocate the $328,000 joint costs using the NRV method. (Round the weightings to two decimal places.) Corn Syrup Corn Starch Total Final sales value of total production Deduct separable costs NRV at...
The Stenback Company produces two products, turpentine and methanol (wood alcohol), by a joint process. Joint costs amount to $144,000 per batch of output. Each batch totals 40,000 litres: 25% methanol and 75% turpentine. Both products are processed further without gain or loss in volume. Separable processing costs are methanol, $0.90 per litre; turpentine, $0.60 per litre. Methanol sells for $6.30 per litre, turpentine sells for $4.20 per litre. Required Requirement 1. How much joint costs per batch should be...
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Unable to solve requirement 4
The Stenback Spirits Company produces two products-methanol (wood alcohol and turpentine-by a joint process. Joint costs amount to $122,000 per batch of output. Each batch totals 12.500 gallons: 25% methanol and 75% turpentine. Both products are processed further without gain or loss in volume. Separable processing costs are methanol, S4 per gallon, and turpentine, Sa per gallon Methanol sells for 528 per gallon. Turpentine sells for $20 per non Read the quirements 3.125 2 Requirement...
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