ACCT 310 – Quiz 3 Fall 2008 Collier Company manufactures three products – Beta, Alpha, and Psi – by a joint production process. Raw materials are put into production in Department 1 and the three products are processed jointly both in this department and in a subsequent department, Department 2. The three products become separable only at the end of processing in Department 2. Beyond this split-off point, Beta is processed further in Department 3. Neither Alpha nor Psi require any further processing beyond the split-off point. No inventory (raw materials, work in process, or finished goods) was on hand at June 1. No raw materials inventory or work in process inventory was on hand at June 30. Additional data for the month of June are as follows: Product Beta Alpha Psi Liters produced 50,000 100,000 75,000 Liters sold 15,000 65,000 55,000 Liters on hand, June 30 35,000 35,000 20,000 Sales price per liter $6.00 $5.00 $3.00 Department 1 2 3 Direct materials requisitioned $ 95,000 $ 40,000
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This note was uploaded on 12/12/2008 for the course ACCT 310 taught by Professor Nacemagner during the Fall '08 term at Western Kentucky University.