I need correct journal enteries for the question attached!Below are additional information on additional costs and final sales value resulting from the truckload of apples processed.
Required: You will need to use cell references in the development of your solution. All purchases and sales are on account.
Determine the joint cost. Please note that there should not be any deduction of the byproduct revenue to the joint cost, since this company uses the other income approach.
Develop a table to show the allocation of joint costs to the joint products using the approximated net realizable value at splitoff method to the two joint products.
You will need to track the processing of the different type of apples through the different processing departments and packaging department, which will be Workinprocess accounts.
The company uses a perpetual inventory system, so you will have WIP accounts for the products, too, along with finished goods account.
Assume all apples are processed by the end of the month and all types of apples are sold at the final sales value on account.
Please provide a description of the entry under each journal entry.
a Record the purchase of apples on account.
b Allocate joints costs to the clean and sort department.
c Transfer the joint costs to the applicable joint products.
d Record separable costs incurred in the cutting department.
e Record the packaging cost incurred by each product.
f Record the joint products being completed.
g Record the appropriate entries to record the cost and the sell of the joint products.
h Record the sell of the byproduct on account.
