Great Falls Company makes two products, Wool Gloves and Wool Mittens. They are initially processed from...
Great Falls Company makes two products, Wool Gloves and Wool
Mittens. They are initially processed from the same raw material
and then, after split-off, further processed separately. Additional
information is as follows:
| Gloves | Mittens | Total | |||||||
| Final Sales Price | $ | 13,200 | $ | 10,620 | $ | 23,820 | |||
| Joint Costs Prior to Split-Off Point | ? | ? | $ | 9,012 | |||||
| Costs Beyond Split-Off Point | $ | 4,400 | $ | 4,400 | $ | 8,800 | |||
What are the joint costs allocated to Gloves and Mittens assuming
Great Falls uses the estimated net realizable value
approach?
| Gloves | Mittens | ||||||
| A. | $ | 4,506 | $ | 4,506 | |||
| B. | $ | 4,840 | $ | 4,172 | |||
| C. | $ | 5,280 | $ | 3,732 | |||
| D. | $ | 5,440 | $ | 3,572 | |||
Multiple Choice
-
Option C
-
Option B
-
Option D
-
Option A
Homework Answers
| Gloves | Mittens | Total | |
| NRV | (13,200-4,400) = 8,800 | (10,620-4,400) = 6220 | 15,020 |
| Percent of total |
= (8,800/15,020) = 0.58588 |
= (6220/15,050) = 0.41411 |
1 |
Joint cost allocated to
Gloves = 9012 * 0.58588 = 5280
Mittens = 9012 * 0.41411 = 3732
Option C is the answer (don't get confused. Select the first one)
Add Answer to:
Great Falls Company makes two products, Wool Gloves and Wool
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