24. Fundador Inc. manufactures X product from a process that yields a by-product called Z. The by-product requires additional processing cost of P30,000. The by- product will require selling and administrative expenses totaling P20,000. It is Fundador's accounting policy to charge the joint costs to the main product only. Information concerning a batch produced during the year ended December 31, 2020 follows: Product Units Produced Market Value at Split off Units Sold 100,000 P50 60,000 8,000 10 8,000 The Joint costs incurred up to split-off point are: Direct materials P2,000,000
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- The JYD Company processes apples into pies, spread, and dressing. During the second quarter of 2021, the joint cost of processing the apples was P750,000. There were no beginning inventories for the quarter. Production and sales value information for the quarter were as follows: Assume the use of the estimated net realizable value method. Products Units Produced SV @ split-off Separable costs Final Selling Price Ending Units Pies 20,000 P12/unit P20/unit P35/unit 7,000 Spread 50,000 15/unit 10/unit 28/unit 24,000 Dressing 25,000 9/unit 8/unit 20/unit 10,000 The allocated joint cost for product Spread at the end of the quarter is: Group of answer choices c. P250,000 b. P450,000 d. Not given a. P150,000The JYD Company processes apples into pies, spread, and dressing. During the second quarter of 2021, the joint cost of processing the apples was P750,000. There were no beginning inventories for the quarter. Production and sales value information for the quarter were as follows: Assume the use of the estimated net realizable value method. Products Units Produced SV @ split-off Separable costs Final Selling Price Ending Units Pies 20,000 P12/unit P20/unit P35/unit 7,000 Spread 50,000 15/unit 10/unit 28/unit 24,000 Dressing 25,000 9/unit 8/unit 20/unit 10,000 The allocated joint cost for product Dressing at the end of the quarter is: Group of answer choices c. P150,000 a. P250,0000 d. Not given b. P450,000The JYD Company processes apples into pies, spread, and dressing. During the second quarter of 2021, the joint cost of processing the apples was P750,000. There were no beginning inventories for the quarter. Production and sales value information for the quarter were as follows: Assume the use of the estimated net realizable value method. Products Units Produced SV @ split-off Separable costs Final Selling Price Ending Units Pies 20,000 P12/unit P20/unit P35/unit 7,000 Spread 50,000 15/unit 10/unit 28/unit 24,000 Dressing 25,000 9/unit 8/unit 20/unit 10,000 The allocated joint cost for product Pies at the end of the quarter is: Group of answer choices b. P450,000 a. P150,0000 d. Not given c. P250,000
- The JYD Company processes apples into pies, spread, and dressing. During the second quarter of 2021, the joint cost of processing the apples was P750,000. There were no beginning inventories for the quarter. Production and sales value information for the quarter were as follows: Assume the use of the estimated net realizable value method. Products Units Produced SV @ split-off Separable costs Final Selling Price Ending Units Pies 20,000 P12/unit P20/unit P35/unit 7,000 Spread 50,000 15/unit 10/unit 28/unit 24,000 Dressing 25,000 9/unit 8/unit 20/unit 10,000 The total value of ending inventory at the end of the quarter is: Group of answer choices b. P1,140,000 d. P788,500 c. P721,500 a. P750,000X Co. Ltd. produces three types of products A, B and C and keeps accounts for Process I, Process II and Process III. Following statements show the relative importance of each type of product in each process : Process I Points Process II Points Process III Points Product A Product B 2 4 2 4 2 1 Product C 8 3 2 Costs for each process for March, 2019 are as follows : Process I Process II $ 9,000 3,000 5,100 Process III $ 9,000 1,800 2,400 Total Materials Labour Overheads 12,000 4,200 3,000 $ 30,000 9,000 10,500 19,200 17,100 13,200 49,500 Production during the period : Product A 600 units ; Product B 300 units ; Product C 900 units. You are required to- (a) prepare a statement showing weighted average production for each process and (b) compute the cost for each type of product.Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are available: Using the market value method, the joint cost apportioned to each product will be: A. A – P22,652; B – P13,843; C – P13,335 B. A – P19,995; B – P19,014; C – P10,821 C. A – P22,440; B – P16,005; C – P11,385 D. A – P24,357; B – P14,885; C – P10,588
- VXY Corporation has the following standard costs associated with the manufacture and sale of one of its products: Direct material P 3.00 per unit Direct labor. P 2.50 per unit Variable manufacturing overhead. P 2.00 per unit Fixed manufacturing overhead. P 4.00 per unit (based on an estimate of 50,000 units per year) Variable selling expenses. P 0.25 per unit Fixed SG&A expense P 75,000 per year During 2021, its first year of operations, VXY manufactured 51,000 units and sold 48,000. The selling price per unit was P25. All costs were equal to standard. 1. Based on variable costing, the income before income taxes for the year was.VXY Corporation has the following standard costs associated with the manufacture and sale of one of its products: Direct material P 3.00 per unit Direct labor. P 2.50 per unit Variable manufacturing overhead. P 2.00 per unit Fixed manufacturing overhead. P 4.00 per unit (based on an estimate of 50,000 units per year) Variable selling expenses. P 0.25 per unit Fixed SG&A expense P 75,000 per year During 2021, its first year of operations, VXY manufactured 51,000 units and sold 48,000. The selling price per unit was P25. All costs were equal to standard. 1. The volume variance under absorptoon costing is.ABC Corp. manufa ctures a product that yields the by-pro duct, "Y". The only cost a ssociated with Y are selling costs of P.10 for each unit sold. ABC accounts for sales of Y by deducting Y's separable costs from Y's sales, and then deducting this net amountfrom the major product's cost of goods sold. Y's sales were 100,000 units at P1 each. If ABC changes its method of accounting for Y's sales by showing the net amountas additional sales revenue, then ABC's gross margin would: Increase by P90,000 Increase by 100,000 Increase by 110,000 Be una ffected
- A company is manufacturing a chemical product making use of four different types of raw materials as follows : Raw material Share of total input (%) Cost of raw material ($/kg) A 40 50 B 30 80 20 90 D 10 100 There is an inevitable normal loss of 10% during the processing. For April 2019, the management furnished the following information : Raw material Quantity consumed (kgs.) Cost of raw material ($/kg) 42,000 31,000 18,000 9,000 48 80 92 110 Output obtained for the month was 92,000 kgs. Calculate : (a) Material cost variance, (b) Material price variance, (c) Material mix variance. ABCDPrime Company manufactures and sells four products 1 inventories of which are priced at cost or nét realizable val whichever is lower. A normal profit of 30% is usua maintained on each product. The following information is compiled at year-end: Estimated Normal Original cost Cost to Product dispose selling price selling price 1 700 150 205 50 260 800 950 300 1,000 700 475 255 450 950 350 900 3 4 Required: Determine the unit value for each product applying the 1owe of cost and net realizable value in measuring inventory. CeMidrand Ltd manufactures a single product and makes use of a standard costing system. The following actual figures relate to April 2020: Purchases and issues of raw material: Material A at R0.55 per kg 40 000 kg Material B at R0.80 per kg 29 000 kg Direct labour at R2.10 per hour R 28 770 Manufacturing overheads:Variable R 7 832fixed R 14 200 Standard prime cost per unit is:Material A at R0.50 per kg R0,75Material B at R0.90 per kg R0.90 Direct labour at R2.20 per hour R1.10Standard prime cost of production R 2.75 • Raw material stock is valued at standard…