Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc corporation processes unprocessed milk to prod

ABC Corporation processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The...

80.2K

Verified Solution

Question

Accounting

image
ABC Corporation processes unprocessed milk to produce two products, Butter Cream and Condensed Milk. The following information was collected for the month of June: Production: - Butter Cream: 12,000 gallons - Condensed Milik: 16,000 gallons Sales in gallons: - Butter Cream: 11,500 gallons - Condensed Milk: 15.500 gallons Salespergallon: - Butter Cream: $4 per gallon - Condensed Milk: \$10 per gallon Separable costs in total: - Butter Cream: $17.500 - Condensed Milk \$35,500 The costs of purchasing the of unprocessed milk and processing it up to the split-off point to yield a total of 28,000 gallons of saleable product was $113,400. The company uses constant gross-margin percentage NRV method to allocate the joint costs of production. If separable costs of Butter Cream was $17,500 and constant gross margin was 20%, what would have been the allocated joint costs of Condensed Milk

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Mechanical Engineering
1.2K views

What is the condition for self-locking block brake?

Biology
1.2K views

Water hyacinth is an aquatic plant native to South America This species has been introduced...

Basic Math
1.2K views

An equation for the line with slope that passes through the point (-6, 3) isA....

Statistics
1.2K views

The actual volumes of quart size jars of Hellmann s mayonnaise are uniformly distributed from...

Accounting
1.2K views

The accountant for Walter Company is preparing the company's statement of cash flows for the...

Accounting
1.2K views

Question: Maredo Leather Company manufactures top quality leather used by Roe and Adler, LLC in...

Accounting
1.2K views

Brand Analysis of A&W company with references

Accounting
1.2K views

Which of the following best describes why an independent auditor is engaged to express an...

Accounting
1.2K views

Benson Glass Company makes stained glass lamps. Each lamp that it sells for $315.00 per...

Accounting
1.2K views

Oriole Company estimates that annual manufacturing overhead costs will be $4,224,000 for 2022. The actual...

Finance
1.2K views

For the next 4 questions suppose the following holds: Suppose the security I and security...

Accounting
1.2K views

Cabot Company collected the following data regarding production of one of its products. Compute the...