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  • Joint Product and by Products Solution To Quiz 11

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    Belinda Santos
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    The document shows the income statement for BSA Company for April 2019. It details revenue, costs of goods sold, gross profit, expenses and net income for five product lines - Tat, Su, Lok, Kan and To. Total revenue was $595,000 while net income was $246,414.50. Cost of goods sold included shared costs, further processing costs and ending inventory. Expenses included selling and administrative costs. The bottom section calculates expected profits using different costing methods for planning purposes.

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    Joint product and by product

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    Joint Product and by Products Solution to Quiz 11 Copy

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    The document shows the income statement for BSA Company for April 2019. It details revenue, costs of goods sold, gross profit, expenses and net income for five product lines - Tat, Su, Lok, Kan and To. Total revenue was $595,000 while net income was $246,414.50. Cost of goods sold included shared costs, further processing costs and ending inventory. Expenses included selling and administrative costs. The bottom section calculates expected profits using different costing methods for planning purposes.

    Copyright:

    © All Rights Reserved
    Scarica in formato XLSX, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    22 visualizzazioni3 pagine

    Joint Product and by Products Solution To Quiz 11

    Caricato da

    Belinda Santos
    The document shows the income statement for BSA Company for April 2019. It details revenue, costs of goods sold, gross profit, expenses and net income for five product lines - Tat, Su, Lok, Kan and To. Total revenue was $595,000 while net income was $246,414.50. Cost of goods sold included shared costs, further processing costs and ending inventory. Expenses included selling and administrative costs. The bottom section calculates expected profits using different costing methods for planning purposes.

    Copyright:

    © All Rights Reserved
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    BSA Company

    Income Statement
    For the Month Ended April 30, 2019

    Tat Su Lok Kan To Total


    Units Produced 13,000 9,000 8,000 2,000 1,000
    Units Sold 10,000 7,000 7,000 2,000 1,000

    Final MV per unit 20 25 30 3 4

    Revenue: 200,000.00 175,000.00 210,000.00 6,000.00 4,000.00 595,000.00


    Less Cost of Goods Sold:
    Share in joint costs: 21,580.66 29,880.92 41,738.42 4,000.00 2,800.00 100,000.00
    Further Processing Costs 104,000.00 63,000.00 40,000.00 1,000.00 600.00 208,600.00
    Total 125,580.66 92,880.92 81,738.42 5,000.00 3,400.00 308,600.00
    Less ending inventory 28,980.15 20,640.20 10,217.30 - - 59,837.65
    Cost of Goods Sold 96,600.51 72,240.72 71,521.12 5,000.00 3,400.00 248,762.35
    Gross Profit 103,399.49 102,759.28 138,478.88 1,000.00 600.00 346,237.65
    Less Selling & Administrative 50,000.00 28,000.00 21,000.00 1,000.00 600.00 100,600.00
    Net Income 53,399.49 74,759.28 117,478.88 - - 245,637.65
    Unit Costs 9.660051 10.320102 10.217303 2.500000 3.400000

    Net Realizable Value: Tat Su Lok BP-Kan BP-To


    Revenue: 260,000 225,000 240,000 6,000 4,000
    Further Processing Cost 104,000 63,000 40,000 1,000 600
    Selling & Administrative Expe 65,000 36,000 24,000 1,000 600
    Expected Profit - -
    Share in Joint Costs 21,580.66 29,880.92 41,738.42 4,000 2,800 100,000
    91,000 126,000 176,000 93,200
    393,000
    BSA Company
    Income Statement
    For the Month Ended April 30, 2019

    Tat Su Lok Kan To


    Units Produced 13,000 9,000 8,000 2,000 1,000
    Units Sold 10,000 7,000 7,000 2,000 1,000

    Final MV per unit 20 25 30 3 4

    Revenue: 200,000.00 175,000.00 210,000.00 6,000.00 4,000.00


    Less Cost of Goods Sold:
    Share in joint costs: 22,576.34 31,259.54 43,664.12 2,000.00 500.00
    Further Processing Costs 104,000.00 63,000.00 40,000.00 1,000.00 600.00
    Total 126,576.34 94,259.54 83,664.12 3,000.00 1,100.00
    Less ending inventory 29,209.92 20,946.56 10,458.02 - -
    Cost of Goods Sold 97,366.42 73,312.98 73,206.10 3,000.00 1,100.00
    Gross Profit 102,633.58 101,687.02 136,793.90 3,000.00 2,900.00
    Less Selling & Administrative Exp 50,000.00 28,000.00 21,000.00 1,000.00 600.00
    Net Income 52,633.58 73,687.02 115,793.90 2,000.00 2,300.00
    Unit Costs 9.736642 10.473282 10.458015 1.500000 1.100000

    Reversal Cost Method Tat Su Lok BP-Kan BP-To


    Revenue: 260,000 225,000 240,000 6,000 4,000
    Further Processing Cost 104,000 63,000 40,000 1,000 600
    Selling & Administrative Expense 65,000 36,000 24,000 1,000 600
    Expected Profit 2,000 2,300
    Share in Joint Costs 22,576.34 31,259.54 43,664.12 2,000 500
    91,000 126,000 176,000
    393,000
    Total

    595,000.00

    100,000.00
    208,600.00
    308,600.00
    60,614.50
    247,985.50
    347,014.50
    100,600.00
    246,414.50

    100,000
    97,500

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