Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $590,000. Additional Information follows: If Processed Further Additional Costs Product Units Produced Chem-1 280,000 Chem-2 240,000 Sales Value at Split-Off $212,800 360,000 Sales Values $ 30,800 Chem-3 184,000 143,520 22,080 38,400 $ 252,000 393,600 172,500 Chem-4 96,000 800,000 163,200 17,280 180,000 $ 879,520 $108,560 $ 998,100 Required: Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Joint Costs Allocated Product Chem-1 Chem-2 Chem-3 Chem-4
Barrett Chemicals manufactures four chemicals, Chem-1, Chem-2, Chem-3, and Chem-4, from a joint process. The total joint costs in May were $590,000. Additional Information follows: If Processed Further Additional Costs Product Units Produced Chem-1 280,000 Chem-2 240,000 Sales Value at Split-Off $212,800 360,000 Sales Values $ 30,800 Chem-3 184,000 143,520 22,080 38,400 $ 252,000 393,600 172,500 Chem-4 96,000 800,000 163,200 17,280 180,000 $ 879,520 $108,560 $ 998,100 Required: Barrett Chemicals uses the physical quantities method to allocate joint costs. What joint costs would be allocated to each product in May? Note: Round percentages to 2 decimals. Round your final answers to the nearest whole dollar amounts. Joint Costs Allocated Product Chem-1 Chem-2 Chem-3 Chem-4
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 13P: Venezuela Oil Inc. transports crude oil to its refinery where it is processed into main products...
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