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In a process where there are no work-in-progress inventories, two joint products (J and K) are created
In a process where there are no work-in-progress inventories, two joint products (J and K) are
created. Information (in units) relating to last month are as follows:
Product Sales Opening in inventory of finished goods closing inventory of finished goods
J 6,000 100 300
K 4,000 400 200
Joint production costs last month were $110,000 and these were apportioned to joint products based
on the number of units produced.
What were the joint production costs apportioned to product J for last month?
Expert Solution
Answer:
68,200 $
Step-by-step explanation
Number of units produced = Sales + Closing stock - Opening stock
For J = 6000 + 300 - 100 = 6200
For K = 4000 + 200 - 400 = 3800
Joint production costs apportioned to product J for last month
= Joint production costs * Units Produced for J / ( Units Produced for J + Units Produced for K)
= 110,000 * 6200 / ( 6200 + 3800)
= 68,200 $
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