Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a lumber mill bought a shipment of logs for $58,00

A lumber mill bought a shipment of logs for $58,000. When cut, the logs produced...

50.1K

Verified Solution

Question

Accounting

A lumber mill bought a shipment of logs for $58,000. When cut, the logs produced a million board feet of lumber in the following grades. 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.) Type 1 - 400,000 bd. ft. priced to sell at $0.12 per bd. ft. Type 2 - 400,000 bd. ft. priced to sell at $0.06 per bd. ft. Type 3 - 200,000 bd. ft. priced to sell at $0.04 per bd. ft. Multiple Choice $58,000; $24,000. $34,800; $17,400. $10,944;$5,800. $24,000; $8,000. $16,000; $16,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...

Accounting
Q

(1) Symposium is part of a larger work referred to as Plato's Dialogues. Wishart and Leach†...

Basic Math
Q

(Use Excel or R) Wenton Powersports produces dune buggies. They have three assembly lines, “Razor,” “Blazer,” and...

Basic Math
Q

Question 7 Points 1 The vertices of triangle ABC are A 0 5 B 3...

Geometry
Q

Required information The following information applies to the questions displayed below) On January 1, Mitzu...

Accounting
Q

Question 14 While flexible budgets enable proper adjustments based on the level of activity and...

Accounting
Q

Blue Sox Co. has an asset turnover of 5.4, and Green Sox Co. has an...

Accounting
Q

Describe the situations in which a corporation must file a tax return.

Accounting
Q

What best describes the SASB's materiality map? A It describes which materials are the most...

Accounting
Q

A. Omega company pays its employees monthly. For February 2024, Omega Co.'s employees had total...

Accounting
Q

A sole proprietorship was started on January 1, Year 1.

Accounting
Q

16.35/21 I!! Question 4 of 7 View Policies Show Attempt History Current Attempt in Progress...

Accounting