Business, 08.05.2021 01:00 ochoacesar2000

Accounting for a main product and a byproduct. (Cheatham and Green, adapted) Crispy, Inc., is a producer of potato chips. A single production process at Crispy, Inc., yields potato chips as the main product, as well as a byproduct that can be sold as a snack. Both products are fully processed by the splitoff point, and there are no separable costs. For September 2017, the cost of operations is $520,000. Production and sales data are as follows: Production (in pounds) Sales (in pounds) Selling Price per pound
Potato chips 46,000 34,960 $26
Byproduct 8,200 $5,000 $5
1. What are the inventory costs reported in the balance sheet on September 30, 2017, for the main product and byproduct under the two methods of byproduct accounting in requirement 1?
2. Prepare the journal entries to record the byproduct activities under (a) the production method and (b) the sales method. Briefly discuss the effects on the financial statements.

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 19:30

The framers of the us constitution created a system of government that established branches of government set forth the powers of such a branches and placed limits on those powers what are the benefits of such a system? are there any problems associated with such a system?

Answers: 3

Answer

Business, 22.06.2019 04:00

Don’t give me to many notifications because it will cause you to lose alot of points

Answers: 1

Answer

Business, 22.06.2019 04:50

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

Answers: 1

Answer

Business, 22.06.2019 08:40

Which of the following statements is true regarding the reporting of outside interests and the management of conflicts? investigators are responsible for developing their own management plans for significant financial interests. the institution must report identified financial conflicts of interest to the u.s. office of research integrity. investigators must disclose their significant financial interests related to their institutional responsibilities and not just those related to a particular project. investigators must disclose all of their financial interests regardless of whether they are related to a research project.

Answers: 3

Answer

You know the right answer?

Accounting for a main product and a byproduct. (Cheatham and Green, adapted) Crispy, Inc., is a prod...

Questions