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    14 views14 pages

    Q 9

    Uploaded by

    Arjay Molina
    law

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    of 14
    ern72024 Doshboard Storted on stote Completed on Time taken Grade (Quiz 8: Atempt review Mycourses AGTG05-19 Quizes Quis ‘Thursday, 17 June 2021, 120 PM Finished ‘Thursday, 17 June 2021, 209 PM 39 mins 54 secs 28,00 out of 30.00 (87%) hitpseollege.nou. acu phimodquireview,php?attempt=56%986&cmid=88165 ane err7i2024 (Quiz 8: Atempt review seston] compete Ko Company produces four solvents from the same process: C, 0,£, and G, Joint product costs are $9,000. (Round all answers to the nearest dollar.) Disposal Final sales price cost Further soles Bartels perbarrel perbarel processing price otsplitoft costs per barre! Cn) $650 $200 $1350 D> \o00 800 490 280 Jo.00 & \400 tao 7.00 400 15.50 © 2000 1500 950 450 1950 IKG sells the products after further processing, the following disposal costs will be incurred: C, $2.50; D, $1.00; €, $350; 6, $6.00 Using sales value spit-off, what amount of joint processing costis allocated to product 0. ® sy108 > suiee © $2276 9 $4,433 $4433 hitpseollege.nou. acu phimodquireview,php?attempt=56%986&cmid=88165 err7i2024 (Quiz 8: Atempt review seston compete All costs that are incurred between the splt-off point and the point of sale are known as © incremental separate costs, b.joint cost. «. sunk costs, 4 committed costs. weston’ Compiate More 200 out o 2.00, Cessinalsebentu Company produces only two products and incurs joint processing costs that total $3,750, Products Alpha and Beta are produced in the following quantities during each month: 4,500 and 6,000 gallons, respectively. Cessinalsebentu Company allo rune one ad each month that advertises both products at a cost of $1500, The selling price per gallon for the two products are $20 and $17.50, respectively. \What amount of joint processing costs is allocated to each product (Alpha and Beta) based on gallons produced? © $2142 and $1,608 ©. s1607 and $2142 © $1807 and $2143, 9 s21aa and $1608 tps seollege.nou. acu phimodquairvew.php?attempt=56%986&cmid=188165 ane err7i2024 (Quiz 8: Atempt review seston 4 compete The assignment of raw material costs to the major end products resulting from refining a barrel of crude ol is best described os: «. incremental costing b.diferentil costing «.indiract costing 4 int costing @. variable costing aueston Complete ore 2000 out of 200, 1. Clark His Company produces two products from a joint process: Do and Di. Joint processing costs for this production cycle are $8,000. Disposal Soles pricecost per Further Final sale YOtdper yard at yard at processingprice per solii-off splitofl peryard yard, Dols00 $800 $350 $loo $7.50 Di2200 900 500 300 nas Io and bi are processed further, no disposal costs will be incurred or such costs will be borne by the buyer. Refer to Clork Hills Company. Using @ physical measure, what amount of joint processing costis allocated to Do ‘and Di (round to the nearest dolar)? a. $4,757 and $3,243 $3,243 and $4757 ©. $5500 and $5,500 9 $4,000 and $4,000 tps seollege.nou. acu phimodquairvew.php?attempt=56%986&cmid=188165 err7i2024 (Quiz 8: Atempt review seston B complete Clark Hills Company produces two products from a joint process: Do and Di, Joint processing costs for this production cycle are $8,000. Disposal Sales price cost per Further Final sale Yards peryardat —-yardat_— processing —_ price per sk splitzoft —peryard yard Do 1500 $6.00 $350 $1.00 $750 Di 2200 9.00 8.00 3.00 125, If Do and bi are processed further, no disposal costs willbe incurred or such costs willbe borne by the buyer Using sales value at spit-off, what amount of joint processing costs allocated to bo (round tothe nearest dollar)? ® $4000 > s3243 ©, $2500 4 $5,500 tps seollege.nou. acu phimodquairvew.php?attempt=56%986&cmid=188165 err7i2024 (Quiz 8: Atempt review seston? compete Alpha produces three products: & B, and C from the same process. Joint costs for this production run are $2100. Dispose! Seles pricecost per Further Final BONE porib.at Ib.at processingsales pro ‘Split-off split-off per pound per pound A 800 $850 $200 $200 $750 8 lo 825420 00a ©1500 800 «4003501080 Ifthe products are processed further, Alpha Company will ncur the following disposal costs upon sale: A, $2.00; 8, $2.00; and c, $1.00, Using net realizable value at split-off, what amount of joint processing cost is allocated to Product A and C (round to the neorest dollar)? © saaa and $951 $700 and $444 ©. $706 and $951 9 $951 and $708 tps seollege.nou. acu phimodquairvew.php?attempt=56%986&cmid=188165 err7i2024 (Quiz 8: Atempt review ston 8 compete Psalm Company manufactures products Check and list from ¢ joint process. Sales value ot spit-off was {$700,000 for 10,000 units of Check, and $300,000 for 16,000 units of List. Using the sales value at spit-off ‘approach, joint costs properly allocated to Check were $140,000, Total joint costs were 0. $350,000. b.$233,333, © $200,000, % s 98,000. avestion 9 Compote More 109 out of100 Costs to be incurred after the split-off point are most useful for: ® assessing the desirabifty of further processing >. determining the levels of joint production ¢. setting the mix of output products «4. adjusting inequities in the joint cost allocation procedure ©. assessing sales realization values for allocating joint costs accurately hitpseollege.nou. acu phimodquireview,php?attempt=56%986&cmid=88165 ma err7i2024 (Quiz 8: Atempt review setion 10 compete ‘The following components of production that can be allocated os joint costs when a single manufacturing process produces several salable products are: «@. materials, overhead only b. materials and labor only ¢. indirect production costs only 4. labor and overhead only e.none of the above weston TL Complete ore 200 out of 200, KG Company produces four solvents from the same process: C, 0,£, and G. Joint product costs are $9,000. (Round all answers to the nearest dollar) Disposal Final Soles price cost Further sales Bauels —perbarrel _—perbarrel_ processing price catsplt-otf costs arte! © 70 si0.00 $050 $200 $1350 1990 800 400 250 1000 1400 100 7.00 400 1550 @ 2000 16.00 950 450 1950 IFKG sells the products after further processing, the following disposal costs will be incurred: C, $2.50; D, $1.00; €, $350; 6, $6.00. Using sales value spit-off, what amount of joint processing cost is allocated to product C. o.syio8 b.site2 6.34433 4.82276 hitpseollege.nou. acu phimodquireview,php?attempt=56%986&cmid=88165 err7i2024 (Quiz 8: Atempt review seston T2 compete ‘The following statement that best describes a by-product is a.none of the above a product that has @ lower unit selling price than the main product «6.@ product that net usuclly produces a small amount of revenue when compared to the main product's 4.0 product that is produced from material thot would otherwise be scrap ©.@ product that does not bear any portion of the joint processing costs weston 1B Compete ore 200 out of 200, Bertolite manufactures quid chemicals A and 8 from a joint process. Joint costs are allocated on the basis of relative market value ot split-oft. costs $4,560 to process 500 gallons of Praduct A and 1,000 gallons of Product B to the spiit-off point. The market value at split-off is $10 per gallon for Product A and $14 for Product 8. Product 8 requires on additional process beyond spit-off at a cost of $2 per gallon before it can be sold. What is Idaho's cost to produce 1,000 gallons of Product 8? @.$9,040 b.$4880 ©. $5360 4.$4360 ©.$3,360 hitpseollege.nou. acu phimodquireview,php?attempt=56%986&cmid=88165 err7i2024 (Quiz 8: Atempt review seston compete Deca Company produces three products from the same process and incurs joint processing costs of $3,000, Disposal Soles price costper Further Final sales Gallons per gallon gallonat processing price per atsplt=olf spltzof costs gallon wk 2800 $450 $125 $100 $700 2% 00 6.00 300 200 10.00 x 5001.00 2.00 200 15.00 Disposal costs for the products if they are processed further are: 1%, $8.00; 2x, $850; 3x, $100. What amount af joint processing cost is allocated to the 2x using eales value at split-of!? © None of the above Peas ya cor tps seollege.nou. acu phimodquairvew.php?attempt=56%986&cmid=188165 sone err7i2024 (Quiz 8: Atempt review seston 1S compete Statement |: The primary distinction between by-products and scrap is not the citference in sales value. Statement 2: The primary distinction between by-products and scrap is the ditference in volume produced, © true, true False, True © True, False False, False tps seollege.nou. acu phimodquairvew.php?attempt=56%986&cmid=188165 we err7i2024 (Quiz 8: Atempt review setion 16 compete Deca Company produces three products from the same process and incurs joint processing costs of $3,000, Disposal Soles price costper Further _Final sales Salons per gallon gallonat processing price per atspit-off splt-olf costs gallon wk 2300 $450 8128 st00 $700 x 100 600-800 200 ta00 Sx 500 1900 8.00 200 18.00 Disposal costs for the products if they are processed further are: 1%, $8.00; 2x, $850; 3x, $100. realizable value at split-off? What amount of joint processing cost is allocated to the 3x using ni «a. None of the above P90 © aa 0.258 uostion 7 ‘complete ‘Tho characteristic that is most often used to distinguish a product as either « joint product or a by-products the: «@. amount of separable product costs that are incurred in processing b. amount of labor used in processing the product ¢.telative sales value ofthe products produced in the process e .e, weight, inches, etc) of the product produced in the manufacturing process hitpseollege.nou. acu phimodquireview,php?attempt=56%986&cmid=88165 err7i2024 (Quiz 8: Atempt review seston 1B compete The net realizable value approach mandates that the NRV of the by-products/scrap be treated as © reduction of joint costs >. an increase in joint costs, © a sunk cost 9 a cost that can be ignored totelly. weston 19 completo are 09 eutot 100 a company obtains two solable products from the refining of one ore, the refining process should be ‘accounted for as a ‘a. mixed cost process b.depletion process © extractive process d.joint process «reduction process tps seollege.nou. acu phimodquairvew.php?attempt=56%986&cmid=188165 sane err7i2024 (Quiz 8: Atempt review seston 20 complete |A company produces three main joint products and one by-product. the by-product’ relative market value is quite low compared to that of the main products. the preferable accounting for the by-produet’s net realizable value is as a. revenue in the petiod in which Its sold >. an addition to the revenues of the other products ollocated on their respective net realizable values ¢.@ reduction in the joint cost to be allocated to the three main products d.none of the above €.c separate net realizable value upon which to allocate some of the joint costs Previous activity

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