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Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
Edition 2ISBN: 978-0077274993 Exercise 41
Net Realizable Value Method to Solve for Unknowns
GG Products, Inc., prepares tips and stems from a joint process using asparagus. It produced 240,000 units of tips having a sales value at the split-off point of $42,000. It produced 240,000 units of stems having a sales value at split-off of $10,500. Using the net realizable value method, the portion of the total joint product costs allocated to tips was $24,000.
Required
Compute the total joint product costs before allocation.
GG Products, Inc., prepares tips and stems from a joint process using asparagus. It produced 240,000 units of tips having a sales value at the split-off point of $42,000. It produced 240,000 units of stems having a sales value at split-off of $10,500. Using the net realizable value method, the portion of the total joint product costs allocated to tips was $24,000.
Required
Compute the total joint product costs before allocation.
Explanation
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Joint Cost is the cost incurred when 2 o...
Fundamentals of Cost Accounting 2nd Edition by William Lanen, Carolyn Wells, Michael Maher
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