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Comely Products manufactures three products, R, S, and T, in a joint process. For every...

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Accounting

Comely Products manufactures three products, R, S, and T, in a joint process. For every ten kilos of raw materials input, the output is five kilos of R, three kilos of S, and two kilos of T. During August, 50,000 kilos of raw materials costing P120,000 were processed and completed, with joint conversion costs of P200,000. Conversion costs are to be allocated to the products on the basis of market values. To make the products saleable, further processing which does not required additional raw materials was done at the following costs:

ProductFurther Processing CostSelling Price

RP 30,000P 10.00

SP 20,000P 12.00

TP 30,000P 15.00

Required:

1.The unit cost of Product R

2.Assuming that all units are sold, the gross margin on sales for Product R is

3.Assuming that all units are sold, the gross margin on sales for Product S is

4.If all units of Product T are sold, and selling and administrative expenses are 20% of sales, the net income from the sale of Product T is?

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