Euclid Corporation processes a patented chemical, P-1, and produces two outputs, P-11 and P-12. In August,...

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Euclid Corporation processes a patented chemical, P-1, and produces two outputs, P-11 and P-12. In August,...

Euclid Corporation processes a patented chemical, P-1, and produces two outputs, P-11 and P-12. In August, the costs to process P-1 are $140,000 for materials and $300,000 for conversion costs. P-11 has a sales value of $640,000 and P-12 has a sales value of $160,000.

Required:

Using the net realizable value method, assign costs to P-11 and P-12 for August.

business accounting

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Answer 1

Answer #1

Calculate assign cost

Joint cost = 140000+300000 = 440000

Product	Sales value	%	Join Cost	Assign Cost
P1	640000	80%	440000	352000
P2	160000	20%	440000	88000
Total	800000	100%		440000

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Answer 2

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