4 Exercise 22-22C Assigning Joint product costs LO c3 Pirate Seafood Company pur

Question

4 Exercise 22-22C Assigning Joint product costs LO c3 Pirate Seafood Company purchases lobsters and processes the flakes for $15.70 per pound. On average, 100 pounds of lobster are processed into 54 pounds of tails and 28 pounds o flakes, them into tails and flakes. It sells the lobster tails for $19.30 per pound and ints 18 pounds of waste. Assume that the company purchased 4 with an additional labor cost of $4,300. No materials or labor costs are assigned to the waste. if 2.028 pounds of tails and 1,037 000 pounds of lobster for $4 per pound and processed the lobsters of flakes are sold, calculate the allocated cost of the sold items and the allocated cost of the ending inventory. The compeny per pound answers to 2 decimal allocates joint costs on a value basis. (Round eBookplaces.) your answers to nearest whole number. Round cost Hint Yield per 4,000 lb. purchase Market Value per 4,000 Ib. Percent of Market Value allocated 4,000 pound Cost Print Numerator | Denminator | % of Mkt Val Lobster Tails terences Lobster Flakes Totals What is the allocated cost of the sold items? Cost per Pounds sold Goods Sold Lobster Tails S Lobster Flakes $ Totals 0.00 0.00 What is the allocated cost of the ending inventory? Cost per Pounds in ending Cost of PounEnding pound inventory Inventory Lobster Tails Lobster Flakes $ Totals 0.00 0.00 Next >

Explanation / Answer

1. Cost of goods sold.

2. Allocated cost of ending inventory

Yield per Market Value Percentage of market value Cost to be Allocated cost Cost per pound 4000 punnds per pound for 4000 pounds Numerator Denominator % allocated * 4000 pounds pound 20300 Lobster Tails 54 2160 19.3 41688 41688 59272 70% 14278           6.61 Lobster Flakes 28 1120 15.7 17584 17584 59272 30% 6022           5.38 Total 59272 20300 Lobster cost 4000 x $4 16000 Labor cost 4300 Total cost to be allocated * 20300

Related Questions

Navigate

• Browse (All)
• Browse 4
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.