Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. saskatchewan soy products (ssp) buys soy beans and

Saskatchewan Soy Products (SSP) buys soy beans and processes them into other soy products. Each...

80.2K

Verified Solution

Question

Accounting

image

Saskatchewan Soy Products (SSP) buys soy beans and processes them into other soy products. Each tonne of soy beans that SSP purchases for $380 can be converted for an additional $190 into 700 lbs of soy meal and 80 gallons of soy oil. A pound of soy meal can be sold at splitoff for $1.12, and soy oil can be sold in bulk for $4 per gallon. SSP can process the 700 lbs of soy meal into 750 lbs of soy cookies at an additional cost of $330. Each pound of soy cookies can be sold for $2.12 per pound. The 80 gallons of soy oil can be packaged at a cost of $220 and made into 320 quarts of Soyola. Each quart of Soyola can be sold for $1.35. Required 1. Allocate the joint cost to the cookies and the Soyola using: a. Sales value at splitoff method b. NRV method 2. Should the company have processed each of the products further? What effect does the allocation method have on this decision? Requirement 1a. Allocate the joint cost to the cookies and the Soyola using the sales value at splitoff method. (Round the weightings to three decimal places and joint costs to the nearest dollar.) Cookies/ Soy Meal Soyolal Soy Oil Total Sales value of total production at splitoff Weighting Joint costs allocated

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A car battery manufacturer claims that its car batteries last at least 3 5 years...

Basic Math
Q

Example 4-12GROSSING-UP. Cotter Company wants to award a$4,000 bonus to Donna D'Amico. In addition,...Example...

Accounting
Q

avage Rapide is a Canadian company that owns and operates a large automatic carwash facility near...

Accounting
Q

Temperature of a diatomic gas is 300 K If moment of inertia of its molecules...

Physics
Q

PHYSICS Which of the following statements is are correct about the refraction of light from...

Physics
Q

! Required information [The following information applies to the questions...

Accounting
Q

crane co uses a periodic inventory system. its records shows the following for the month...

Accounting
Q

James Jim Ine, produces the following three products

Accounting
Q

Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are...

Accounting
Q

The predetermined overhead rate (POHR), which is used to apply overhead to jobs, is a...

Accounting
Q

Which one of the following payroll taxes does not result in a payroll tax expense...

Accounting
Q

Crane Co. had purchased 180 shares of Washington Co. for $42 each this year (Oregon...

Accounting