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1 2 Marigold produces four kinds of ice cream from a single process. The total joint costs of $72,400 resulted from 3,300 gallons of vanilla, 2,800 gallons of strawberry, 2,100 gallons of chocolate, and 1,100 gallons of Neapolitan ice cream. Marigold sells the vanilla ice cream for $3.00 a gallon, and the other three flavours are sold for $3.50 per gallon. How much of the joint cost will be allocated to each product, if the sales value at split-off method is used? Davis Company produces a common machine component for industrial equipment in three departments: molding, grinding, and finishing. The following data are available for November: Molding Grinding Finishing Direct materials $143,300 $15,700 $10,200 Direct labor 13,600 34,200 22,800 19,400 Applied overhead 17,000 135,900 During November, 8,800 components were completed. There is no beginning or ending WIP in any department. Required: 1. Prepare a schedule showing, for each department, the cost of direct materials, direct labor, applied overhead, product transferred in from a prior department, and total manufacturing cost. 2. Calculate the unit cost.

1 2 Marigold produces four kinds of ice cream from a single process. The total joint costs of $72,400 resulted from 3,300 gallons of vanilla, 2,800 gallons of strawberry, 2,100 gallons of chocolate, and 1,100 gallons of Neapolitan ice cream. Marigold sells the vanilla ice cream for $3.00 a gallon, and the other three flavours are sold for $3.50 per gallon. How much of the joint cost will be allocated to each product, if the sales value at split-off method is used? Davis Company produces a common machine component for industrial equipment in three departments: molding, grinding, and finishing. The following data are available for November: Molding Grinding Finishing Direct materials $143,300 $15,700 $10,200 Direct labor 13,600 34,200 22,800 19,400 Applied overhead 17,000 135,900 During November, 8,800 components were completed. There is no beginning or ending WIP in any department. Required: 1. Prepare a schedule showing, for each department, the cost of direct materials, direct labor, applied overhead, product transferred in from a prior department, and total manufacturing cost. 2. Calculate the unit cost.

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints
Section: Chapter Questions
Problem 25P: Taylor Company produces two industrial cleansers that use the same liquid chemical input: Pocolimpio...
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1 2 Marigold produces four kinds of ice cream from a single process. The total joint costs of $72,400 resulted from 3,300 gallons of vanilla, 2,800 gallons of strawberry, 2,100 gallons of chocolate, and 1,100 gallons of Neapolitan ice cream. Marigold sells the vanilla ice cream for $3.00 a gallon, and the other three flavours are sold for $3.50 per gallon. How much of the joint cost will be allocated to each product, if the sales value at split-off method is used? Davis Company produces a common machine component for industrial equipment in three departments: molding, grinding, and finishing. The following data are available for November: Molding Grinding Finishing Direct materials $143,300 $15,700 $10,200 Direct labor 13,600 34,200 22,800 19,400 Applied overhead 17,000 135,900 During November, 8,800 components were completed. There is no beginning or ending WIP in any department. Required: 1. Prepare a schedule showing, for each department, the cost of direct materials, direct labor, applied overhead, product transferred in from a prior department, and total manufacturing cost. 2. Calculate the unit cost.
Transcribed Image Text:1 2 Marigold produces four kinds of ice cream from a single process. The total joint costs of $72,400 resulted from 3,300 gallons of vanilla, 2,800 gallons of strawberry, 2,100 gallons of chocolate, and 1,100 gallons of Neapolitan ice cream. Marigold sells the vanilla ice cream for $3.00 a gallon, and the other three flavours are sold for $3.50 per gallon. How much of the joint cost will be allocated to each product, if the sales value at split-off method is used? Davis Company produces a common machine component for industrial equipment in three departments: molding, grinding, and finishing. The following data are available for November: Molding Grinding Finishing Direct materials $143,300 $15,700 $10,200 Direct labor 13,600 34,200 22,800 19,400 Applied overhead 17,000 135,900 During November, 8,800 components were completed. There is no beginning or ending WIP in any department. Required: 1. Prepare a schedule showing, for each department, the cost of direct materials, direct labor, applied overhead, product transferred in from a prior department, and total manufacturing cost. 2. Calculate the unit cost.
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