Problems 1. Nate Company manufactures Products A and B from a joint process that also...
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Accounting
Problems 1. Nate Company manufactures Products A and B from a joint process that also yields a by- product, X. Nate Company accounts for the revenue from its by-product sales as a deduction from the cost of its main products. Additional information is as follows: (18 points) Total Units produced Joint costs Sales value at split off 30,000 $180,000 S420,000 $140,000 $20,000 $580,000 15,000 9,000 6,000 (1) Assuming that joint product costs are allocated using the relative sales value at split-off (2) Prepare the journal entry to transfer the finished products to separate inventory accounts. (4 (3)Assuming the sales value of X is stable, prepare the journal entries to: (6 points) approach, what was the joint cost allocated to Products A and B? (8 points) points) (a) place the by-product in stock (b) record the sale of 3,000 units for $9,500 on account. ANS
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