Joint Cost Allocation-Weighted Average Method Carving Creations jointly produces wood chips and sawdust used in agriculture....

Question

Question

Joint Cost Allocation-Weighted Average Method Carving Creations jointly produces wood chips and sawdust used in agriculture.

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer

Joint product	Allocated cost
Sawdust	$ 8,560
Wood chips	$ 12,840
Total	$ 21,400

Calculations:

Joint product	Quantity	Weight	Quantity Weight*	Allocated cost	Allocated cost
Wood chips	3,000	10	30,000	$ 12,840	21400/50000*30000
Sawdust	10,000	2	20,000	$ 8,560	21400/50000*20000
Total			50,000	$ 21,400

In case of any doubt, please comment.

Add a comment

Answer 2

Answer #2

what if other than the conversion cost, there are also separated material cost for the allocated cost?

Add a comment

Answer 3

Similar Homework Help Questions

Joint Cost Allocation-Weighted Average Method Carving Creations jointly produces wood chips and sawdust used in agriculture....

Joint Cost Allocation-Weighted Average Method Carving Creations jointly produces wood chips and sawdust used in agriculture. The wood chips and sawdust are actually by-products of the company's core operations, but Carving Creations accounts for them just like normally produced goods because of their large volumes. One jointly produced batch yields 3,000 cubic yards of wood chips and 10,000 cubic yards of sawdust, and the estimated cost per batch is $21,400. However, the joint production of each good is not equally...
Carving Creations jointly produces wood chips and sawdust used in agriculture. The wood chips and sawdust...

Carving Creations jointly produces wood chips and sawdust used in agriculture. The wood chips and sawdust are actually by-products of the company’s core operations, but Carving Creations accounts for them just like normally produced goods because of their large volumes. One jointly produced batch yields 3,000 cubic yards of wood chips and 10,000 cubic yards of sawdust, and the estimated cost per batch is $21,400. However, the joint production of each good is not equally weighted. Management at Carving Creations...
Please show full details step by steps thanks Joint Cost Allocation—Weighted Average Method Carving Creations jointly...

Please show full details step by steps thanks Joint Cost Allocation—Weighted Average Method Carving Creations jointly produces wood chips and sawdust used in agriculture. The wood chips and sawdust are actually by-products of the company’s core operations, but Carving Creations accounts for them just like normally produced goods because of their large volumes. One jointly produced batch yields 3,000 cubic yards of wood chips and 10,000 cubic yards of sawdust, and the estimated cost per batch is $21,400. However, the...

1. Joint Cost Allocation—Physical Units Method Board-It, Inc., produces the following types of 2 × 4...

1. Joint Cost Allocation—Physical Units Method Board-It, Inc., produces the following types of 2 × 4 × 10 wood boards: washed, stained, and pressure treated. These products are produced jointly until they are cut. One batch produces 45 washed boards, 35 stained boards, and 20 pressure treated boards. The joint production process costs a total of $710 per batch. Using the physical units method, allocate the joint production cost to each product. Round your answers to two decimal places. Joint...
5. Joint Cost Allocation—Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and...

5. Joint Cost Allocation—Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through a wood chipper machine. One batch of logs produces 20,304 cubic yards of wood chips, 14,100 cubic yards of mulch, and 9,024 cubic yards of wood pulp. The joint production process costs a total of $32,000 per batch. After the split-off point, wood chips are immediately sold for $25 per cubic...
Joint Cost Allocation-Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and mulch....

Joint Cost Allocation-Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through a wood chipper machine. One batch of logs produces 20,304 cubic yards of wood chips, 14,100 cubic yards of mulch, and 9,024 cubic yards of wood pulp. The joint production process costs a total of $32,000 per batch. After the split-off point, wood chips are immediately sold for $25 per cubic yard...

Joint Cost Allocation—Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and mulch....

Joint Cost Allocation—Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through a wood chipper machine. One batch of logs produces 20,304 cubic yards of wood chips, 14,100 cubic yards of mulch, and 9,024 cubic yards of wood pulp. The joint production process costs a total of $32,000 per batch. After the split-off point, wood chips are immediately sold for $25 per cubic yard...
Joint Cost Allocation-Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and mulch....

Joint Cost Allocation-Net Realizable Value Method Nature's Garden Inc. produces wood chips, wood pulp, and mulch. These products are produced through harvesting trees and sending the logs through a wood chipper machine. One batch of logs produces 20,304 cubic yards of wood chips, 14,100 cubic yards of mulch, and 9,024 cubic yards of wood pulp. The joint production process costs a total of $32,000 per batch. After the split-off point, wood chips are immediately sold for $25 per cubic yard...
4. Support Department Cost Allocation—Reciprocal Services Method Blue Africa Inc. produces laptops and desktop computers. The...

4. Support Department Cost Allocation—Reciprocal Services Method Blue Africa Inc. produces laptops and desktop computers. The company’s production activities mainly occur in what the company calls its Laser and Forming departments. The Cafeteria and Security departments support the company’s production activities and allocate costs based on the number of employees and square feet, respectively. The total cost of the Security Department is $251,000. The total cost of the Cafeteria Department is $594,000. The number of employees and the square footage...

oint Cost Allocation—Weighted Average Method Gary’s Grooves Co. produces two types of carving knives, one with...

oint Cost Allocation—Weighted Average Method Gary’s Grooves Co. produces two types of carving knives, one with a handle made of a polymer that looks like walnut wood and another with a handle made with a polymer that looks like red oak. The knives are made through a joint production molding process that produces 344 knife blades for red oak handle knives and 172 knife blades for walnut handle knives at the split-off point. The polymer for the red oak handle...

Joint Cost Allocation-Weighted Average Method Carving Creations jointly produces wood chips and sawdust used in agriculture....

Homework Answers