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Farm Grown Chicken grows and processes chickens. Each chicken is disassembled into...

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Accounting

Farm Grown Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 20202020follows:
A special shipment of 5050 pounds of breasts and 1515 pounds of wings has been destroyed in a fire. Farm GrownFarm Grown Chicken's insurance policy provides reimbursement for the cost of the items destroyed. The insurance company permits Farm GrownFarm Grown Chicken to use a joint-cost-allocation method. The splitoff point is assumed to be at the end of the produParts
Pounds of Product
Wholesale Selling Price per Pound When Production is Complete
Breasts
120
$0.60
Wings
45
0.15
Thighs
30
0.35
Bones
90
0.05
Feathers
15
0.05ction process.
1.
Compute the cost of the special shipment destroyed using the following:
a.
Sales value at splitoff method
b.
Physical-measure method(pounds of finished product)
2.
What joint-cost-allocation method would you recommend Farm GrownFarm Grown Chicken use? Explain.

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