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Solution for Cost Accounting: Foundations and Evolutions 8th Edition Chapter 11, Problem 16

by Michael R. Kinney, Cecily A. Raiborn
358 Solutions 19 Chapters 53444 Studied ISBN: 9781439044612 Accounting 5 (1)

Chapter 11, Problem Exercise 16 : Exercise 11-16   ...

Exercise 11-16

 

 

 

 

 

 

 

 

 

 

Insert your answers in the gray-shaded cells of columns B, C, and E. Enter

 

formulas where appropriate. If an answer is incorrect, the word "wrong" will

 

appear.

 

 

 

 

 

 

 

 

 

 

 

 

a.

Units of output allocation:

 

 

 

 

 

 

Total bottles

 

 

           80,000

 

 

 

 

 

 

 

 

 

 

Perfume

 

 

$     2,70,000

 

 

 

Eau de Toilet

 

 

        4,32,000

 

 

 

Body Splash

 

 

        3,78,000

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Weight-based allocation:

 

 

 

 

 

 

Total weight (ounces)

 

 

        1,68,000

 

 

 

 

 

 

 

 

 

 

Perfume

 

 

$     1,28,571

 

 

 

Eau de Toilet

 

 

        4,11,429

 

 

 

Body Splash

 

 

        5,40,000

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Approximated net realizable value computation:

 

 

 

 

Amount

 

Percent

 

 

 

Perfume

$  2,80,000

 

30%

 

 

 

Eau de Toilet

     3,68,000

 

40%

 

 

 

Body Splash

     2,80,000

 

30%

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Approximated net realizable value allocation:

 

 

 

 

 

 

 

 

 

 

 

Perfume

 

 

$     3,24,000

 

 

 

Eau de Toilet

 

 

        4,32,000

 

 

 

Body Splash

 

 

        3,24,000

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b.

Cost assigned to inventory

 

 

 

 

 

 

 

 

 

 

 

 

Perfume

 

 

$     3,20,000

 

 

 

Eau de Toilet

 

 

        4,80,000

 

 

 

Body Splash

 

 

        4,34,000

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending inventory valuation based on bottles of output:

 

 

 

 

 

 

 

 

 

 

Perfume

 

 

$          9,600

 

 

 

Eau de Toilet

 

 

           24,000

 

 

 

Body Splash

 

 

           26,040

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory valuation based on weight:

 

 

 

 

 

 

 

 

 

 

 

 

Perfume

 

 

$          5,388

 

 

 

Eau de Toilet

 

 

           22,912

 

 

 

Body Splash

 

 

           35,784

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory valuation based on approximated net realizable value:

 

 

 

 

 

 

 

 

 

Perfume

 

 

$        11,220

 

 

 

Eau de Toilet

 

 

           24,000

 

 

 

Body Splash

 

 

           22,781

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c.

 

 

Step-By-Step Solution

Chapter 11, Problem Exercise 16

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