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Accounting help

Problem 1 – Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. ; During the summer of 20X2, the joint costs of processing the tomatoes were $420,000. ; There was no beginning or ending inventories for the summer. ; Production and sales value information for the summer is as follows:

Product

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Cases

Sales Value at Splitoff Point

Separable Costs

Selling Price

Catsup

100,000

$6 per case

$3.00 per case

$28 per case

Juice

150,000

8 per case

5.00 per case

25 per case

Canned

200,000

5 per case

2.50 per case

10 per case

Question: Determine the amount allocated to each product if the estimated net realizable value method is used, and compute the cost per case for each product. ; (10 points) ;

Problem 2 – Zenon Chemical, Inc. processes pine rosin into three products: turpentine, paint thinner, and spot remover. ; During May, the joint costs of processing were $240,000. ; Production and sales value information for the month is as follows:

Product

Units Produced

Sales Value at Splitoff Point

Turpentine

6,000 liters

$60,000

Paint thinner

6,000 liters

50,000

Spot remover

3,000 liters

25,000

Question: ;Determine the amount of joint cost allocated to each product if the physical-measure method is used. ; (10 points)

Problem 3 – ;Oregon Lumber processes timber into four products. ; During January, the joint costs of processing were $280,000. ; There was no inventory at the beginning of the month. ; Production and sales value information for the month is as follows:

;

;

;

Sales Value at

Product

Board feet

Splitoff Point

Ending Inventory

2 x 4’s

6,000,000

$0.30 per board foot

500,000 bdft.

2 x 6’s

3,000,000

0.40 per board foot

250,000 bdft.

4 x 4’s

2,000,000

0.45 per board foot

100,000 bdft.

Slabs

1,000,000

0.10 per board foot

50,000 bdft.

Question: Determine the value of ending inventory if the sales value at splitoff method is used for product costing. ;Round to ;three decimal places when necessary. ; (10 points)

;

;

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