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Organic Chicken grows and processes chickens. Each chicken is disassembled into five main parts Organic Chicken is computing the ending inventory values for its July 31, 2018, statement of financial position, Ending inventory amounts on July 31 are 23 ending inventory kilograms of rese gams o alga thar than a m s, And 2 kilograms of feathers. Organic Chicken's management wants to use the sales yvalue e t splitoff method.
However, it wants you to explore the ettect valu ocla aby nt product more E(Click to vicw information on the sales value at splitoff method) iSales value at splitoff Breasts Wings Thighe Boneв Feathern Total Kilograms of product 200 160 21 500 4U Wholesale selling price 0.50 $ 0.30 0.30 S 0.05 s 0.10 per kilogram S 100.00 S я по я Sakes value at spliloff 24.00 S 12.00 $ 200 S 1460o Weighting Sales value 0 014 at geliloff 0 605 0.002 0 164 n 055 1 000 Joint costs allo 68 50 5 8 20 & 40 S 5.50 S 1.40 S 100.00 Allocalod costs 0.3425 $ per kilogram 0.2050: 0.0344 S 0.0700 0.2050 S Requirement
1. Assume Organic Chicken classifies ll five products as joint products. What are the ending inventory values of each product on July 31, 2018? (Round your answers to the nearest cent. Enter an amount for each product, including zero balances.) Product Ending Inventory Value Breasts Wings Thighs Bones Feathers Total Requirement
2. Assume Organic Chicken uses the production method of accounting for byproducts What are the ending inventory values for each joint product on July 31, 2018, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? Begin by sclecting the formula to calculate the joint costs to be allocated. Then enter the amounts and determine the amount (NRV Net realizable valuc. Round all amounts to the nearest cent.) Joint costs to be allocated three decimal places, the joint costs to the nearest cent, and the allocated costs per killogram to four decimal places. )
Now use the table below to calculate the allocated costs per kilogream for the breasts and thighs (Round the weights Total Breasts Thighs Kilograms of product 200 80 Wholesale selling price per kilogram 0.50 $ 0.30 100.00 $ Sales value at splitoff 24.00 Weighting: Sales value at splitoff Joint costs allocated Allocated costs per kilogram What are the ending inventory values for each joint product on July 31, 2018, assurming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? (Round all armounts to the nearest cent. Enter an amount for each product including zero balances.) Product Ending Inventory Value Breasts Wings Thighs Bones Feathers Total Requirement
3. Comment on difterences in the results in requirements 1 and 2 Requirements 1 and 2 result in the same ending inventory value since there is no difference in allocating costs when there are byproducts O A Ocated joint costs since the remaining products are byproducts requirement 1, O c. In each pro aallocated to wmi.s a rcduris are allocated inint costs OP. None of the above is true
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