Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into threeproducts: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processedin Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period endedDecember 31:Process:LaborManufacturing overheadProductsUnits soldUnits in ending inventory (December 31)Sales revenueMining$ 475,000$ 391,000Required:Compute the following:Plant A$ 416,000$ 345,800a. Net realizable value of Metal-Cb. Joint costsc. Cost of Metal-B soldd. Ending inventory for Metal-CMetal-APlant B$ 283,000$ 139,000229,00078,500$ 1,145,000Metal-B196,0000$ 589,000Metal-CDouglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizablevalue method to allocate joint costs.78,50074,000$ 196,250a. The net realizable value of Metal-C for the period ended December 31.b. The joint costs for the period ended December 31 to be allocated.c. The cost of Metal-B sold for the period ended December 31.Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.d. The value of the ending inventory for Metal-C.Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.

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Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Mining $ 475,000 $ 391,000 Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following: Plant A $ 416,000 $ 345,800 Plant B $ 283,000 $ 139,000 Metal-A 229,000 78,500 $ 1,145,000 Metal-B 196,000 0 $ 589,000 Metal-C 78,500 74,000 $ 196,250 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.

Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Mining $ 475,000 $ 391,000 Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following: Plant A $ 416,000 $ 345,800 Plant B $ 283,000 $ 139,000 Metal-A 229,000 78,500 $ 1,145,000 Metal-B 196,000 0 $ 589,000 Metal-C 78,500 74,000 $ 196,250 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended December 31. Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 1MC: Clark Kent Inc. buys crypton for $.80 a gallon. At the end of processing in Dept. 1, crypton splits...

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S Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed In Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Products Units sold Units in ending inventory (December 31) Sales revenue Required: Compute the following: Mining $ 464,000 $ 380,000 Plant A $ 394,000 $ 330,400 a. Net realizable value of Metal-C b. Joint costs Plant B $ 272,000 $ 128,000 c. Cost of Metal-B sold d. Ending inventory for Metal-C Metal-A 218,000 73,000 $ 1,090,000 Metal-B 152,000 0 $ 578,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate Joint costs. a. The net…
Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Mining Plant A Plant B Labor $ 470,000 $ 406,000 $ 278,000 Manufacturing overhead $ 386,000 $ 338,800 $ 134,000 Products Metal-A Metal-B Metal-C Units sold 224,000 176,000 76,000 Units in ending inventory (December 31) 76,000 0 64,000 Sales revenue $ 1,120,000 $ 584,000 $ 190,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals uses the net realizable value method to allocate joint costs. Required: Compute the following: The net realizable value of Metal-C for the period ended December…
In Department C of Samantha Corporation, a portion of the materials (a by-product) is removed further processed and sold. The entity uses the reversal costmethod to account for the by-product. Data for June include: Amount of by-productremoved is 2,000 units; Estimated sales price of by-product after processing further is$1.20/unit. Estimated processing cost after separation is $0.30 per unit andestimated selling expenses is 10% of the sales price. The estimated profit margin is5% of the sales price. a. How much is the total cost of the by-product?b. How much is the gain (loss) on sale of the by-product if all of the units are sold at $1.50?
Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Products Units sold Units in ending inventory (December 31) Sales revenue Mining $ 476,000 $ 392,000 Required: Compute the following: Plant A $ 418,000 $ 347,200 Plant B $ 284,000 $ 140,000 a. Net realizable value of Metal-C b. Joint costs c. Cost of Metal-B sold d. Ending inventory for Metal-C Metal-B 200,000 Metal-A 230,000 79,000 $ 1,150,000 $ 590,000 a. The net realizable value of Metal-C for the period ended December 31. b. The joint costs for the period ended December 31 to be allocated. c. The cost of Metal-B sold for the period ended…
Douglass Minerals mines ore and then processes it into other products. At the end of the mining process, the ore splits off into three products: Metal-A, Metal-B, and Metal-C. Douglass sells Metal-C at the split-off point, with no further processing. Metal-A is processed in Plant A, and Metal-B is processed in Plant B. The following is a summary of costs and other related data for the period ended December 31: Process: Labor Manufacturing overhead Products Units sold Units in ending inventory (December 31) Sales revenue Mining $ 462,000 $ 378,000 Required: Compute the following: Note: Do not round intermediate calculations. d. The value of the ending inventory for Metal-C. Note: Do not round intermediate calculations. a. Net realizable value of Metal-C b. Joint costs c. Cost of Metal-B sold d. Ending inventory for Metal-C Plant A $ 390,000 $ 327,600 $ $ Plant B $ 270,000 $ 126,000 Douglass Minerals had no beginning inventories on hand at the beginning of the period. Douglass Minerals…
In Department II of Karen Corporation, a portion of the materials (a by-product) is removed further processed and sold. The Corporation uses the reversal cost method to account for the by-product. Data for November include: Amount of by-product removed is 2000 units; Estimated sales price of by-product after processing further is P1.20/unit. Estimated processing cost after separation is P0.30 per unit and estimated selling expenses is 10% of the sales price. The estimated profit margin is 5% of the sales price. 1. What is the total cost of the by-product?2. What is the gain (loss) on sale of the by-product if all of the units are sold for P1.50?
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In Department III of BORK Company, a portion of the materials (a by-product) is removed further processed and sold. The Company uses the reversal cost method to account for the by-product. Data for June include: Amount of by-product removed is 2000 units; Estimated sales price of by-product after processing further is P1.20/unit. Estimated processing cost after separation is P0.30 per unit and estimated selling expenses is 10% of the sales price. The estimated profit margin is 5% of the sales price.Required. What is the total cost of the by-product? what is the gain (loss) on sale of the by-product if all of the units are sold at P1.50?
In using FIFO method, Periwinkle Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Periwinkle Company presented the following costs on three processes: *see image attached* What is the total costs transferred from Department 1 to Department 2? a. P83,070 b. P88,920 c. P92,160 d. None of the above
Euclid Corporation processes a patented chemical, P-1, and produces two outputs, P-11 and P-12. In August, the costs to process P-1 are $165,000 for materials and $280,000 for conversion costs. P-11 has a sales value of $648,000 and P-12 has a sales value of $162,000. Required: Using the net realizable value method, assign costs to P-11 and P-12 for August. (Do not round intermediate calculations.) Cost Assigned P-11 P-12
The Marshall Company has a joint production process that produces two joint products and a by-product. The joint products are Ying and Yang, and the by-product is Bit. Marshall accounts for the costs of its products using the net realizable value method. The two joint products are processed beyond the split-off point, incurring separable processing costs. There is a $1,500 disposal cost for the by- product. A summary of a recent month's activity at Marshall is shown below: Ying 75,000 75,000 $ 210,000 $ 15,000 $ 6.00 Total joint costs for Marshall in the recent month are $211,000, of which $90,730 is a variable cost. Units sold Units produced Separable processing costs-variable Separable processing costs-fixed Sales price Manufacturing cost per unit Total gross margin Yang 60,000 60,000 $ 65,000 $ 10,000 $ 12.50 Required: 1. Calculate the manufacturing cost per unit for each of the three products. (Round manufacturing cost per unit answers to 2 decimal places.) 2. Calculate the total…
Alis Company, a portion of the materials (a by-product) is removed further processed and sold. The Company uses the reversal cost method to account for the by-product. Data for June include: Amount of by-product removed is 2000 units; Estimated sales price of by-product after processing further is P1.20/unit. Estimated processing cost after separation is P0.30 per unit and estimated selling expenses is 10% of the sales price. The estimated profit margin is 5% of the sales price. What is the gain or loss on sale of the by-product if all of the units are sold at P1.50?