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Problem:

Shelly Inc. manufactures Nuts and Bolts. The initial stages of manufacturing involve joint costs totally $50,000. At the split-off point we have 4,000 lbs. of Nuts which can sell for $18 per pound and 6,000 lbs. of Bolts which can sell for $13.50 per pound.

Required:

Question 1: Assuming joint costs are allocated using relative salves value, what amount of joint cost should be allocated to Nuts?

Question 2: Assuming joint costs are allocated using relative salves value, what amount of joint cost should e allocated to Bolts?

Question 3: Assuming joint costs are allocated using physical units, what amount of joint cost should be allocated to Nuts?

Question 4: Assuming joint costs are allocated using physical units, what amount of joint cost should be allocated to Bolts?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91173255

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