Torid Company processes 17,500 gallons of direct materials to produce two products, Product X and...
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Accounting
Torid Company processes 17,500 gallons of direct materials to produce two products, Product X and Product Y. Product X sells for $5 per gallon and Product Y, the main product, sells for $150 per gallon. The following information is for December:
BeginningEnding
ProductionSalesInventoryInventory
Product X:5,3755,300075
Product Y:9,9759,9902510
The manufacturing costs totalled $25,000
How much will Product Y report in the balance sheet at the production method ?
Thanks
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