Produces joint products l m and n from a joint

Info icon This preview shows pages 6–13. Sign up to view the full content.

View Full Document Right Arrow Icon
produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $75,000 was as
Image of page 6

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
follows: The amount of joint costs allocated to product L using the physical measure method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): Answer Selected Answer: $11,250. Question 10 2 out of 2 points Marin Products produces three products — DBB- 1, DBB-2, and DBB-3 from a joint process. Each product may be sold at the split-off point or processed further. Additional
Image of page 7
processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Key information about Marin's production, sales, and costs follows. The amount of joint costs allocated to product DBB-1 using the physical measure method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): Answer Selected Answer: $757,895. Question 11
Image of page 8

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
2 out of 2 points Which one of the following methods of allocating joint costs uses a measure of weight, size or number of units to allocate joint costs to joint products? Answer Selected Answer: Question 12 2 out of 2 points Hatchett Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $75,000 was as follows: The amount of joint costs allocated to product L using the net realizable
Image of page 9
value method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): Answer Selected Answer: $37,952. Question 13 2 out of 2 points The Insurance Plus Company has two service departments — actuarial and premium rating, and two production departments — marketing and sales. The distribution of each service department's efforts to the other departments is shown below: The direct operating costs of
Image of page 10

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
the departments (including both variable and fixed costs) were as follows: Actuarial $50,000. Premium Rating $40,000. Marketing $60,000. Sales $70,000. The total cost accumulated in the sales department using the direct method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): Answer Selected Answer: $107,143. Question 14 2 out of 2 points Which one of the following methods of allocating joint costs allocates joint costs to joint products on the basis of estimated sales values at the split-off point? Answer Selected Answer:
Image of page 11
Question 15 2 out of 2 points Hatchett Inc. produces joint products L, M, and N from a joint process. Information concerning a batch produced in May at a joint cost of $75,000 was as follows: The amount of joint costs allocated to product M using the physical measure method is (calculate all ratios and percentages to 4 decimal places, for example 33.3333%, and round all dollar amounts to the nearest whole dollar): Answer Selected Answer: $23,438.
Image of page 12

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 13
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern