Homework Answers
| Req 1. | |||||||
| Soy Meal | Soy Oil | Total | |||||
| Sales value of total production | 832 | 340 | 1172 | ||||
| Weighing | 0.71 | 0.29 | 1 | ||||
| Joint cost applocated $ 470 | 333.7 | 136.3 | 470 | ||||
| Req 2. | |||||||
| Cookies | Soyola | Total | |||||
| Final sales value | 1824 | 432 | 2256 | ||||
| Deduct: Separable cost | 350 | 210 | 560 | ||||
| NRV | 1474 | 222 | 1696 | ||||
| Weighing | 0.87 | 0.13 | 1 | ||||
| Joint cost allocated | 408.9 | 61.1 | 470 | ||||
| Req 2. | |||||||
| Cookies | Soyola | ||||||
| Sales at splitt off | 832 | 340 | |||||
| NRV | 1474 | 222 | |||||
| Profit on process further | 642 | -118 | |||||
| ISP should further process Soy Meal. | |||||||
| They should not further process Soy oil because profit will decrease by 118. | |||||||
| Since the total JOInt cost is constant under allocation methods, it is not relevant cost | |||||||
Add Answer to:
b. Now allocate the joint cost to the cookies and the Soyola using the NRV method....
Illinois Soy Products (ISP) buys soybeans and processes them into other soy products. Each ton of...
Illinois Soy Products (ISP) buys soybeans and processes them into other soy products. Each ton of soybeans that ISP purchases for $340can be converted for an additional $180into 675 poundsof soy meal and 140 gallonsof soy oil. A pound of soy meal can be sold at split off for $1.28 and can be sold in bulk for $4.75per gallon. ISP can process the 675 pounds of soy meal into 825 pounds of soy cookiesat an additional cost of $340.Each pound...
Innerva Soy Products (MSP) buys soybeans and processes them into other soy products. Each ton of...
Innerva Soy Products (MSP) buys soybeans and processes them
into other soy products. Each ton of soybeans that MSP purchases
for $340 can be converted for an additional $220 into 500 lbs of
soy meal and 80 gallons of soy oil. A pound of soy meal can be sold
at splitoff for $1.24 and soy oil can be sold in bulk for $4 per
gallon.
MSP can process the 500 pounds of soy meal into 550 pounds of
soy cookies...
Options for 1-6: (1): process further / sell as is (2): decreases / increases (3): process further / sell as...
Options for 1-6:
(1): process further / sell as is
(2): decreases / increases (3): process
further / sell as is (4): be higher if they
do / be lower if they do (5): different / the same
(6): is / is not
3. Interlock Soy Products (USP) buys soybeans and processes them into other soy products. Each ton of soybeans that USP purchases for $320 can be converted for an additional $200 into 675 lbs of soy meal and 120 gallons of soy oil....
Saskatchewan Soy Products (SSP) buys soy beans and processes them into other soy products. Each tonne...
Saskatchewan Soy Products (SSP) buys soy beans and processes them into other soy products. Each tonne of soy beans that SSP purchases for $380 can be converted for an additional $190 into 700 lbs of soy meal and 80 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.12, and soy oil can be sold in bulk for $4 per gallon. SSP can process the 700 lbs of soy meal into 750 lbs of...
Rouse Company is one of the world's leading com refiners. It produces two joint products-com synup...
Rouse Company is one of the world's leading com refiners. It produces two joint products-com synup and com starch-using a common production process. In July 2017, Rouse reported the folowing production and selling-price information: (Click the icon to view the information.) Requirement Allocate the $325,000 joint costs using the NRV method. (Round the weights to two decimal places) Com syrup Com starch Total Final sales value of total production Deduct separable costs NRV at splitoff point Weighting Joint costs alocated...
Company is one of the world's leading corn refiners. It produces two joint products, corn syrup...
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...
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...
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 Methanol Turpentine Total Physical measure of total production 10,000 30,000...
The Stenback Company produces two products, turpentine and methanol (wood alcohol), by a joint process. Joint...
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...
Jill makes two products out of a joint process—products Beta & Gamma. The joint (common) costs...
Jill makes two products out of a joint process—products Beta & Gamma. The joint (common) costs incurred are $800,000 for a standard production run that generates 70,000 pounds of Gamma and 30,000 pounds of Beta. Gamma sells for $9.00 per pound whereas Beta sells for $7.00 per pound. 7) If there are no additional processing costs incurred after the splitoff point, the amount of joint cost of each production run allocated to Beta on a sales value at splitoff basis...
Innerva Soy Products (MSP) buys soybeans and processes them
into other soy products. Each ton of soybeans that MSP purchases
for $340 can be converted for an additional $220 into 500 lbs of
soy meal and 80 gallons of soy oil. A pound of soy meal can be sold
at splitoff for $1.24 and soy oil can be sold in bulk for $4 per
gallon.
MSP can process the 500 pounds of soy meal into 550 pounds of
soy cookies...
Options for 1-6:
(1): process further / sell as is
(2): decreases / increases (3): process
further / sell as is (4): be higher if they
do / be lower if they do (5): different / the same
(6): is / is not
3. Interlock Soy Products (USP) buys soybeans and processes them into other soy products. Each ton of soybeans that USP purchases for $320 can be converted for an additional $200 into 675 lbs of soy meal and 120 gallons of soy oil....
Saskatchewan Soy Products (SSP) buys soy beans and processes them into other soy products. Each tonne of soy beans that SSP purchases for $380 can be converted for an additional $190 into 700 lbs of soy meal and 80 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.12, and soy oil can be sold in bulk for $4 per gallon. SSP can process the 700 lbs of soy meal into 750 lbs of...
Rouse Company is one of the world's leading com refiners. It produces two joint products-com synup and com starch-using a common production process. In July 2017, Rouse reported the folowing production and selling-price information: (Click the icon to view the information.) Requirement Allocate the $325,000 joint costs using the NRV method. (Round the weights to two decimal places) Com syrup Com starch Total Final sales value of total production Deduct separable costs NRV at splitoff point Weighting Joint costs alocated...
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...
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 Methanol Turpentine Total Physical measure of total production 10,000 30,000...
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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