Which of the following statements is true about joint manufacturing processes? Companies producing joint products rarely...
Which of the following statements is true about joint manufacturing processes?
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Companies producing joint products rarely allocate joint costs to individual products.
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Joint manufacturing processes are rare.
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Joint costs are by definition inseparable.
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Product costs are more accurate if joint costs are not allocated to individual products.
Homework Answers
Joint products are products that share a portion of the production and have relatively the same sales value. The joint costs are inseparable and are allocated to the joint products.
The answer is Joint costs are by definition inseparable.
Add Answer to:
Which of the following statements is true about joint
manufacturing processes?
Companies producing joint products rarely...
Answer for the circle below only Joint Products - Cost Allocation: Some manufacturing processes start with...
Answer for the circle below only
Joint Products - Cost Allocation: Some manufacturing processes start with incurring costs when the cost objects may not yet be identifiable. For example, during the refining process that transforms crude oil into different grades of gasoline, certain costs (joint costs) are incurred early in the process. Once the process reaches a point where each individual cost object is identifiable (split-off point), we must allocate the joint costs to these newly identifiable cost objects (joint...
Which of the following statements concerning the use of support department and joint cost allocations for...
Which of the following statements concerning the use of support department and joint cost allocations for performance evaluations is not true? a. A manager may not be responsible for the allocation of support department costs if he or she cannot control the square footage of the areas upon which cost allocations are based. b. A manager may miss a performance target because direct materials costs are too high. c. A manager may miss a performance target because he or she...
6. International joint ventures Which of the following statements about joint ventures are true? Check all that app...
6. International joint ventures Which of the following statements about joint ventures are true? Check all that apply. A joint venture may suffer from the problem of "two masters." A new joint venture creates welfare gains when it yields previously unattainable cost reductions. Joint ventures lessen the distinction between local and foreign production. A joint venture requires merging of two or more existing companies.
Which of the following methods of cost allocation is not one of the four common methods...
Which of the following methods of cost allocation is not one of the four common methods used to allocate the joint costs incurred in a production process? a. Market value at split-off method b. Weighted average method c. Net realizable value method d. Reciprocal services method ------------------------ Which of the following is not a support department? a. The department that produces pizza boxes in a paper container manufacturing facility b. The Janitorial Department in a plastic salad container manufacturing facility...
Ferrier Chemical Company makes three products, B7k6, and X9, which are joint products from the same...
Ferrier Chemical Company makes three products, B7k6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively. Required a. Allocate the joint product cost among the three final products using weight...
True or false 1. Indirect manufacturing costs are easily traceable to products. 2. One important reason...
True or false
1. Indirect manufacturing costs are easily traceable to products. 2. One important reason that managers allocate overhead costs to products is to promote the efficient use of resources. 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated to products for inventory costing purposes. 4. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used. 5. The plant wide approach to allocating overhead is typically the simplest...
Franklin Chemical Company makes three products, B7, K6, and X9, which are joint products from the...
Franklin Chemical Company makes three products, B7, K6, and X9,
which are joint products from the same materials. In a standard
batch of 357,000 pounds of raw materials, the company generates
70,000 pounds of B7, 168,000 pounds of K6, and 119,000 pounds of
X9. A standard batch costs $2,856,000 to produce. The sales prices
per pound are $10, $15, and $20 for B7, K6, and X9,
respectively.
Required
Allocate the joint product cost among the three final products
using weight...
6. 1.0points Agnew Chemical Company makes three products, B7, K6, and x9, which are joint products...
6. 1.0points Agnew Chemical Company makes three products, B7, K6, and x9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively Required: Allocate the joint product cost among the three final products...
true or false 1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses...
true or false
1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses ti ses direct s as its all 2. One important reason that managers allocate overhead costs to products is to promote efficient use of resources. Departmer Departmen 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated products for inventory costing purposes. 4. Total company wide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used....
Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the...
Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively. Required a. Allocate the joint product cost among the three final products using...
Answer for the circle below only
Joint Products - Cost Allocation: Some manufacturing processes start with incurring costs when the cost objects may not yet be identifiable. For example, during the refining process that transforms crude oil into different grades of gasoline, certain costs (joint costs) are incurred early in the process. Once the process reaches a point where each individual cost object is identifiable (split-off point), we must allocate the joint costs to these newly identifiable cost objects (joint...
6. International joint ventures Which of the following statements about joint ventures are true? Check all that apply. A joint venture may suffer from the problem of "two masters." A new joint venture creates welfare gains when it yields previously unattainable cost reductions. Joint ventures lessen the distinction between local and foreign production. A joint venture requires merging of two or more existing companies.
Ferrier Chemical Company makes three products, B7k6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively. Required a. Allocate the joint product cost among the three final products using weight...
True or false
1. Indirect manufacturing costs are easily traceable to products. 2. One important reason that managers allocate overhead costs to products is to promote the efficient use of resources. 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated to products for inventory costing purposes. 4. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used. 5. The plant wide approach to allocating overhead is typically the simplest...
Franklin Chemical Company makes three products, B7, K6, and X9,
which are joint products from the same materials. In a standard
batch of 357,000 pounds of raw materials, the company generates
70,000 pounds of B7, 168,000 pounds of K6, and 119,000 pounds of
X9. A standard batch costs $2,856,000 to produce. The sales prices
per pound are $10, $15, and $20 for B7, K6, and X9,
respectively.
Required
Allocate the joint product cost among the three final products
using weight...
6. 1.0points Agnew Chemical Company makes three products, B7, K6, and x9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively Required: Allocate the joint product cost among the three final products...
true or false
1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses ti ses direct s as its all 2. One important reason that managers allocate overhead costs to products is to promote efficient use of resources. Departmer Departmen 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated products for inventory costing purposes. 4. Total company wide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used....
Ferrier Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 150,000 pounds of raw materials, the company generates 35,000 pounds of B7, 75,000 pounds of K6, and 40,000 pounds of X9. A standard batch costs $600,000 to produce. The sales prices per pound are $6, $10, and $16 for B7, K6, and X9, respectively. Required a. Allocate the joint product cost among the three final products using...
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