ACCT 344 Week 5 Homework;1. Question: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for Product I is $20 and for Product II is $15.;Required;a. Allocate joint production costs to each product using the physical units method.;b. Allocate joint production costs to each product using the net realizable value method.;c. Allocate joint production costs to each product using the constant gross margin percentage method.;2. Question: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following?????..;Required: (Calculate relative quantity to three decimal points.);a. Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation.;b. Repeat part (a) using the sales-value-at-split-off method of joint cost allocation.;c. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to allocate joint costs, should the offer be accepted?;ACCT 344 Week 5 Quiz;1. Question: (TCO 7) A common cost occurs;2. Question: (TCO 7) Which would be the most appropriate base for allocating the costs of the housekeeping department?;3. Question: (TCO 7) The Ruling Company assigns plant administration costs to the production departments based on the number of employees. Which would NOT be a good combination of common costs with an activity driver?;4. Question: (TCO 7) Joint costs are allocated because of;5. Question: (TCO 7) Which method allocates support department costs?;6. Question: (TCO 7) Joint costs are;7. Question: (TCO 7) Which method allocates joint production costs based on the pounds of product produced?;8. Question: (TCO 7) DeeDee Corporation manufactures the following products in its factory. $400,000 of costs were incurred????How much joint cost would be allocated to Product A based on the physical units method?;9. Question: (TCO 7) Sally Corporation manufactures four products. The following data were provided by the cost accountant for the current year???.;10. Question: (TCO 7) Lamb Inc. processes wool into four grades of yarn as follows??.Which is the amount of joint costs assigned to Superwash Wool using the constant gross margin percentage method?
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