Prob 1 (16)
1a.
PANEL A: Allocation of Joint Costs using Sales Value at Special B/ Special S/ Shrimp Ramen Total
XXXXXXXXXXSplitoff Method Beef Ramen
Sales value of total production at splitoff point
kelli horne: kelli horne:
Production tons x Selling Price per ton Weighting
Joint costs allocated
PANEL B: Product-Line Income Statement for June 2017
Revenues
Deduct joint costs allocated (from Panel A)
Deduct separable costs
Gross margin
Gross margin percentage ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
1b. Special B/Beef Ramen Special S/ Shrimp Ramen Total
PANEL A: Allocation of Joint Costs using Physical-Measure Method
Physical measure of total production (tons) 0
Weighting ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Joint costs allocated
Special B Special S Total
PANEL B: Product-Line Income Statement for June 2017
Revenues $0
Deduct joint costs allocated (from Panel A) 0 0 0
Deduct separable costs 0
Gross margin $0 $0 $0
Gross margin percentage ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
1c.
PANEL A: Allocation of Joint Costs using Net Realizable Value Method Special B Special S Total
Final sales value of total production during accounting period
kelli horne: kelli horne:
Sales (tons) x Selling Price per ton
kelli horne: kelli horne:
Sales (tons) x Selling Price per ton
kelli horne: kelli horne:
Sales (tons) x Selling Price per ton $0
Deduct separable costs 0
Net realizable value at splitoff point $0 $0 $0
Weighting ERROR:#DIV/0! ERROR:#DIV/0! $260,000
Joint costs allocated $0
Special B Special S Total
PANEL B: Product-Line Income Statement for June 2017
Revenues
kelli horne: kelli horne:
Sales (tons) x Selling Price per ton $0
Deduct joint costs allocated (from Panel A)
Deduct separable costs
Gross margin $0 $0 $0
Gross margin percentage ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Prob 2 (17)
Chapter 17
Summarize the Flow of Physical Units and Compute Output in Equivalent Units;
Weighted-Average Method of Process Costing, Learning Tree Corp for October 2017.
(Step 2)
(Step 1) Equivalent Units
Physical Direct Conversion
Flow of Production Units Materials Costs
Work in process, beginning (given) 20,000
Started during cu
ent period (given) 40,000
To account for 60,000
Completed and transfe
ed out during cu
ent period
Work in process, ending* (given)
50,000 x100%; 50,000 x 30%
Accounted fo
Equivalent units of work done to date
Summarize the Total Costs to Account For, Compute the Cost per Equivalent Unit, and Assign Costs
to the Units Completed and Units in Ending Work-in-Process Inventory;
Weighted-Average Method of Process Costing for ZanyBrainy Corporation for October 2017.
Total
Production Direct Conversion
Costs Materials Costs
(Step 3) Work in process, beginning (given) $28,000 $8,000 $20,000
Costs added in cu
ent period (given) 95,000 25,000 70,000
XXXXXXXXXXTotal costs to account for $123,000 $33,000 $90,000
(Step 4) Costs incu
ed to date $33,000 $90,000
Divide by equivalent units of work done to date 0 0
Cost per equivalent unit of work done to date ERROR:#DIV/0! ERROR:#DIV/0!
(Step 5) Assignment of costs:
Completed and transfe
ed out ERROR:#DIV/0! 5,500 ERROR:#DIV/0!
Work in process, ending ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
XXXXXXXXXXTotal costs accounted for ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Prob 3 (18)
Chapter 18
1. Panel A, calculates the equivalent units of work done in the cu
ent period for each cost category in September 2017.
PANEL A: Summarize the Flow of Physical Units and Compute Output in Equivalent Units
(Step 1) (Step 2)
Equivalent Units
Physical Direct Conversion
Flow of Production Units Materials Costs
Work in process, beginning (given) 1200
Started during cu
ent period (given) 2,257
To account for 3,457
Good units completed and transfe
ed out
during cu
ent period:
Normal spoilage
XXXXXXXXXXx 100%; 345 x 100%
Abnormal spoilage
XXXXXXXXXXx 100%; 292 x 100%
Work in process, ending‡ (given)
XXXXXXXXXXx 100%; 520 x 20%
Accounted fo
Equivalent units of work done to date
PANEL B: Summarize the Total Costs to Account For, Compute the Cost per Equivalent Unit, and Assign Costs to the Units Completed, Spoiled Units, and Units in Ending Work-in-Process Inventory
Total
Production Direct Conversion
Costs Materials Costs
(Step 3) Work in process, beginning (given) $158,635 $142,321 $16,314
Costs added in cu
ent period (given) 830,654 573,278 257,376
Total costs to account for $989,289 $715,599 $273,690
(Step XXXXXXXXXXCosts incu
ed to date $715,599 $273,690
Divided by equivalent units of work done to date 0 0
Cost per equivalent unit ERROR:#DIV/0! ERROR:#DIV/0!
(Step 5) Assignment of costs
Good units completed and transfe
ed out
Costs before adding normal spoilage ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
Normal spoilage ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
(A) Total cost of good units completed and transfe
ed out ERROR:#DIV/0!
(B) Abnormal spoilage ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
(C) Work-in-process, ending ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!
(A)+(B)+(C) Total costs accounted for ERROR:#DIV/0! ERROR:#DIV/0! ERROR:#DIV/0!