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Quiz for ACCT 310 - Cost Accounting for Managers with Constas at Cal State-Long Beach (CSULB)

Quiz Information

Material Type:Quiz
Professor:Constas
Class:ACCT 310 - Cost Accounting for Managers
Subject:Accountancy
University:California State University - Long Beach
Term:--
Keywords:
  • Joint Costs
  • Direct Materials
  • S Corporation
  • S-Corporation
  • Corporation
  • Net Realizable Value
  • Split-Off Point
  • Cost Accounting
  • The Ice Cream
  • Ending Inventory
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Sample Document Text

Page 1 Quiz - Chapter 13-2 THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 1-3 BELOW. The Oxnard Corporation processes a liquid component up to the splitoff point where two products, Mr. DirtOut and Mr. SinkClean, are produced and sold. The following material was collected for the month of January. There was no beginning inventory. Direct materials processed: 250,000 gallons (242,500 gallons of good product) Production: Mr. DirtOut 147,500 gallons Mr. SinkClean 95,000 gallons Sales: Mr. DirtOut 140,500 at $110 per gallon Mr. SinkClean 91,000 at $ 100 per gallon The cost of purchasing 250,000 gallons of direct materials and processing it up to the splitoff point to yield a total of 242,500 gallons of good product was $380,000. 1. What are the physical-volume proportions to allocate joint costs for Mr. DirtOut and Mr. SinkClean, respectively? A 59.00% a...

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