Compute the cost to be allocated to type 1 and type 2, Ask an Expert

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A sawmill bought a shipment of logs for $38,000. When cut, the logs produced 760,000 board feet of lumber in the following grades.

Type 1 - 290,000 bd. ft. priced to sell at $.17 per bd. ft.
Type 2 - 260,000 bd. ft. priced to sell at $.17 per bd. ft.
Type 3 - 210,000 bd. ft. priced to sell at $.17 per bd. ft.

Compute the cost to be allocated to Type 1 and Type 2 lumber, respectively, if the value basis is used. (Do not round your intermediate calculations.)

a. $38,000; $44,200.
b. $14,500; $13,000.
c. $10,944;$10,500.
d. $71,400; $71,400.
e. $44,200; $35,700.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M943984

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