Answer Happy

for part 1:
Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Quality Chicken is computing the ending inventory values for its July 31, 2017, balance sheet. Ending inventory amounts on July 31 are 23 pounds of breasts, 4 pounds of wings, 4 pounds of thighs, 7 pounds of bones, and 3 pounds of feathers. Quality Chicken's management wants to use the sales value at splitoff method. However, management wants you to explore the effect on ending inventory values of classifying one or more products as a byproduct rather than a joint product. (Click to view information on the sales value at splitoff method.)
Pounds of product Wholesale selling price per pound Sales value at splitoff Weighting: Sales Value at splitoff Joint costs allocated Allocated costs per pound Breast Wings Thighs 20 0.20 $ 4.00 $ 0.049 Bones 100 40 $ 0.55 $ 0.45 $ $ 55.00 $ 18.00 $ 0.675 0.221 $ 33.75 $ 2.45 $ 11.05 $ 2.45 $ $ 0.3375 $ 0.1225 $ 0.2763 $ 0.0306 $ Feathers Total 10 0.05 0.50 $ 80 0.05 $ 4.00 $ 0.049 0.006 0.30 $ 0.0300 250 81.50 1.000 50.00
1. Assume Quality Chicken classifies all five products as joint products. What are the ending inventory values of each product on July 31, 2017? 2. Assume Quality Chicken uses the production method of accounting for byproducts. What are the ending inventory values for each joint product on July 31, 2017, assuming breasts and thighs are the joint products and wings, bones, and feathers are byproducts? 3. Comment on differences in the results in requirements 1 and 2.
Now use the table below to calculate the allocated costs per pound for the breasts and thighs. (Round the weights to three decimal places, the joint costs to the nearest cent and the allocated costs per pound to four decimal places.) Breast Thighs Total Pounds of product Wholesale selling price per pound Sales value at splitoff Weighting: Sales value at splitoff Joint costs allocated Allocated costs per pound 100 $ 0.55 $ $ 55.00 $ .753 27 40 0.45 18.00 .247 .22 140 73