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Do Homework - Nicholas Palazzolo Google Chrome ? Secure https://www.mathxl.com/Student/PlayerHomework.aspx?homeworkid=476806960&questionid-1; &flushed-true;&cid;=4955309&centerwin-yes; Cost Accounting Spring 2018 Section 2 Nicholas Palazzolo | 3/26/18 2:16 PM Homework: Chapter 16 Homework Save Score: 0 of 5 pts 2012 (0 complete) ? HW Score: 0%, O of 10 pts E16-24 (similar to) Question Help Tasty, Inc. is a producer of potato chips. A single production process at Tasty, Inc., yields potato chips as the main product and a byproduct that can also be sold as a snack. Both products are fully processed by the splitoff point, and there are no separable costs. For September 2014, the cost of operations is $490,000. Production and sales data are as follows: ?(Click the icon to view the production and sales data.) There were no beginning inventories on September 1, 2014 Requirements 1. What is the gross margin for Tasty, Inc., under the production method and the sales method of byproduct accounting? 2. What are the inventory costs reported in the balance sheet on September 30, 2014, for the main product and byproduct under the two methods of byproduct accounting in requirement 1? Revenues Main product Byproduct Total revenues Data Table Cost of goods sold Total manufacturing costs Deduct value of byproduct production Net manufacturing costs Deduct main product inventory Production (in pounds) Sales (in pounds) Selling Price per Pound Main Product Potato Chips 48,000 37,440 $ 26 8,300 6,500 $ 10 Enter any number in the edit fields and then click Check Answer. PrintDone parts remaining

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1 Production method Product Units sold Ending Inventory Pounds Produced Selling price per pound Sales value at split-off Joint cost allocated Joint cost per pound Ending Inventory in $ Sales $ Cost of goods sold Gross margin Potato chips 37440 10560 48000 26 1248000 459444 9.57 101078 973440 358366 615074 (48000-37440) 490000*(1248000/1331000) (459444/48000) (10560*9.57) (37440*26) (37440*9.57) (973440-358366) Byproduct 6500 1800 8300 10 83000 30556 3.68 6627 65000 23929 41071 (8300-6500) 490000*(83000/1331000) (30556/8300) (1800*3.68) (6500*10) (6500*3.68) (65000-23929) 1331000 490000 107704 1038440 382296 656144 Sales method Product Units sold Ending Inventory Pounds Produced Selling price per pound Sales value at split-off Joint cost allocated Joint cost per pound Ending Inventory in $ Sales $ Cost of goods sold Gross margin Potato chips 37440 10560 48000 26 1248000 490000 10.21 107800 973440 382200 591240 (48000-37440) (490000/48000) (10560*10.21) (37440*26) (37440*10.21) (973440-382200) Byproduct 6500 1800 8300 10 83000 0.00 0 65000 0 65000 (8300-6500) (6500*10) (65000-0) 1331000 490000 107800 1038440 382200 656240 2 Inventory values to be reported Product Production Method Sales Method Potato chips 101078 107800 Byproduct 6627 0

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