Question
In: Accounting
Ochre processes tomatoes into tomato sauce, tomato paste, and tomato puree. As part of the cost...
Ochre processes tomatoes into tomato sauce, tomato paste, and tomato puree. As part of the cost planning and cost control of operations and activities, the company is currently reviewing the gross-margin percentage of each of its products, using the estimated net realisable value (NRV) method for allocating joint costs. The company processes tomatoes in Department #1, out of which come three products: tomato sauce, tomato paste, and tomato puree. Processing 750,000 kg in Department #1 results in 50,000 kg of tomato sauce, 300,000 kg of tomato paste and 100,000 kg of tomato puree, and the costs in Department #1 are $500,000 in total.
Tomato paste is sold without further processing. Tomato sauce is processed further through Department #2 and the costs are $50,000. Tomato puree is considered a by-product and is processed further through Department #3 and the costs are $50,000. Tomato sauce sells for $4 per kg. Tomato paste sells for $2 per kg. Tomato puree sells for $3 per kg.
Required
- Calculate the gross-margin percentage of each product using unit costs per kilogram for tomato sauce, tomato paste, and tomato puree, treating tomato puree as a by-product. Deduct the estimated NRV of the by-product produced from the joint cost of tomato sauce and tomato paste.
- Calculate the gross-margin percentage of each product using unit costs per kilogram for tomato sauce, tomato paste, and tomato puree, treating all three as joint products.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Ochre processes tomatoes into tomato sauce, tomato paste, and tomato puree. As part of the cost...
Ochre processes tomatoes into tomato sauce, tomato paste, and
tomato puree. As part of the cost planning and cost control of
operations and activities, the company is currently reviewing the
gross-margin percentage of each of its products, using the
estimated net realisable value (NRV) method for allocating joint
costs. The company processes tomatoes in Department #1, out of
which come three products: tomato sauce, tomato paste, and tomato
puree. Processing 750,000 kg in Department #1 results in 50,000 kg
of...
Ochre processes tomatoes into tomato sauce, tomato paste, and tomato puree. As part of the cost...
Ochre processes tomatoes into tomato sauce, tomato paste, and
tomato puree. As part of the cost planning and cost control of
operations and activities, the company is currently reviewing the
gross-margin percentage of each of its products, using the
estimated net realisable value (NRV) method for allocating joint
costs. The company processes tomatoes in Department #1, out of
which come three products: tomato sauce, tomato paste, and tomato
puree. Processing 750,000 kg in Department #1 results in 50,000 kg
of...
Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer...
Red Sauce Canning Company processes tomatoes into catsup, tomato
juice, and canned tomatoes. During the summer of 2018, the joint
costs of processing the tomatoes were $420,000. There was no
beginning inventory for the summer. Production and sales
information for the summer is as follows:
Product
Production
(# of cases)
Sales
(# of cases)
Sales Value at Splitoff Point
Separable Costs
Final Selling Price
Catsup
100,000
80,000
$6 per case
$3.00 per case
Catsup Premium $23
per case
Juice
150,000...
For the isolation of lycopene from tomato paste, the paste was washed with hexanes, potassium carbonate...
For the isolation of lycopene from tomato paste, the paste was
washed with hexanes, potassium carbonate and sodium chloride,
drained aqueous layer, dried with magnesium sulfate, filtered and
rotovaped. The extract was then subject to column chromatography
using hexanes and alumina. eventually 10% acetone in hexanes was
introduced. The beta carotene yellow band was then separated and
developed in a thin layer chromatography chamber using 1% acetone
in hexane, and the spot for beta carotene was not seen. Why?
The Caraway Seed Company grows heirloom tomatoes and sells their seeds. The heirloom tomato plants are...
The Caraway Seed Company grows heirloom tomatoes and sells their
seeds. The heirloom tomato plants are preferred by many growers for
their superior flavor. At the end of the most recent year the firm
had current assets of $50,400, net fixed assets of $248,500,
current liabilities of $30,800, and long-term debt of
$99,100.
a. Calculate Caraway's stockholders' equity.
b. What is the firm's net working capital?
c. If Caraway's current liabilities consist of $20,100 in
accounts payable and $10,700 in...
Tomato weights and Fertilizer: Carl the farmer has three fields of tomatoes, on one he used...
Tomato weights and Fertilizer: Carl the farmer
has three fields of tomatoes, on one he used no fertilizer, in
another he used organic fertilizer, and the third he used a
chemical fertilizer. He wants to see if there is a difference in
the mean weights of tomatoes from the different fields. The sample
data is given below. The second table gives the results from an
ANOVA test. Carl claims there is a difference in the mean weight
for all tomatoes...
Tomato weights and Fertilizer: Carl the farmer has three fields of tomatoes, on one he used...
Tomato weights and Fertilizer: Carl the farmer
has three fields of tomatoes, on one he used no fertilizer, in
another he used organic fertilizer, and the third he used a
chemical fertilizer. He wants to see if there is a difference in
the mean weights of tomatoes from the different fields. The sample
data is given below. The second table gives the results from an
ANOVA test. Carl claims there is a difference in the mean weight
for all tomatoes...
2mL of lycopene was extracted from 8 grams of tomato paste. The lycopene was analysed by...
2mL of lycopene was extracted from 8 grams of tomato paste. The
lycopene was analysed by UV-vis spectroscopy. The absorbance at
502nm was determined to be 0.162. The cell length was 1 cm.
Determine the mass of the lycopene using the Beer-Lambert
equation.
Tomato weights and Fertilizer (Raw Data, Software Required): Carl the farmer has three fields of tomatoes,...
Tomato weights and Fertilizer (Raw Data, Software
Required):
Carl the farmer has three fields of tomatoes, on one he used no
fertilizer, in another he used organic fertilizer, and the third he
used a chemical fertilizer. He wants to see if there is a
difference in the mean weights of tomatoes from the different
fields. The sample data for tomato-weights in grams is given below.
Carl claims there is a difference in the mean weight for all
tomatoes between the...
Tomato weights and Fertilizer (Raw Data, SOFTWARE REQUIRED): Carl the farmer has three fields of tomatoes,...
Tomato weights and Fertilizer (Raw Data, SOFTWARE
REQUIRED):
Carl the farmer has three fields of tomatoes, on one he used no
fertilizer, in another he used organic fertilizer, and the third he
used a chemical fertilizer. He wants to see if there is a
difference in the mean weights of tomatoes from the different
fields. The sample data for tomato-weights in grams is given below.
Carl claims there is a difference in the mean weight for all
tomatoes between the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- The Following table is based on a time study for a metal working operation Obs (minutes...
- Write a method that returns the percentage of the number of elements that have the value true...
- Jane is the financial manager for Alpha Corporation. She has been asked to perform a lease-versus-purchase...
- 7. Choose the bond that is least polar (how would you do this without looking at...
- SCHEME [4 marks] Define a procedure called valid_date? that takes three arguments representing the year, month,...
- Suppose a company is looking to hedge a risk in the derivatives market. What, fundamentally, is...
- Training and Development assignment. Describe the usage of Computer Based Training (CBT) in McDonald's Company training...
ADVERTISEMENT