Required: 1. What is the profit normally earned on one production run of Refined Oil and Top Quality Oil? 2. Should Fiorello accept the special order?
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Special Order, Traditional Analysis
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- Oakes Inc. manufactured 40,000 gallons of Mononate and 60,000 gallons of Beracyl in a joint production process, incurring 250,000 of joint costs. Oakes allocates joint costs based on the physical volume of each product produced. Mononate and Beracyl can each be sold at the split-off point in a semifinished state or, alternatively, processed further. Additional data about the two products are as follows: An assistant in the companys cost accounting department was overheard saying ...that when both joint and separable costs are considered, the firm has no business processing either product beyond the split-off point. The extra revenue is simply not worth the effort. Which of the following strategies should be recommended for Oakes?Tucariz Company processes Duo into two joint products, Big and Mini. Duo is purchased in 1,000-gallon drums for 2.000. Processing costs are 3,000 to process the 1,000 gallons of Duointo 800 gallons of Big and 200 gallons of Mini. The selling price is 9 per gallon for Big and4 per gallon for Mini. If the physical units method is used to allocate joint costs to the finalproducts, the total cost allocated to produce Mini is: a. 500. b. 4,000. c. 1,000. d. 4,500.Pacheco, Inc., produces two products, overs and unders, in a single process. The joint costs of this process were 50,000, and 14,000 units of overs and 36,000 units of unders were produced. Separable processing costs beyond the split-off point were as follows: overs, 18,000; unders, 23,040. Overs sell for 2.00 per unit; unders sell for 3.14 per unit. Required: 1. Allocate the 50,000 joint costs using the estimated net realizable value method. 2. Suppose that overs could be sold at the split-off point for 1.80 per unit. Should Pacheco sell overs at split-off or process them further? Show supporting computations.
- Venezuela Oil Inc. transports crude oil to its refinery where it is processed into main products gasoline, kerosene, and diesel fuel, and by-product base oil. The base oil is sold at the split-off point for $1,000,000 of annual revenue, and the joint processing costs to get the crude oil to split-off are $10,000,000. Additional information includes: Required: Determine the allocation of joint costs using the net realizable value method, rounding the sales value percentages to the nearest tenth of a percent. (Hint: Reduce the amount of the joint costs to be allocated by the amount of the by-product revenue.)Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $90,400 for a standard production run that generates 38,400 gallons of Refined Oil and 19,200 gallons of Top Quality Oil. Additional processing costs beyond the split-off point are $2.45 per gallon for Refined Oil and $1.70 per gallon for Top Quality Oil. Refined Oil sells for $4.35 per gallon, while Top Quality Oil sells for $8.10 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 38,400 gallons of Top Quality Oil at a price of $7.9 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.22 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales of Refined Oil would take place at a…Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $88,750 for a standard production run that generates 33,800 gallons of Refined Oil and 16,900 gallons of Top Quality Oil. Additional processing costs beyond the split-off point are $2.25 per gallon for Refined Oil and $1.90 per gallon for Top Quality Oil. Refined Oil sells for $4.05 per gallon, while Top Quality Oil sells for $8.45 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 33,800 gallons of Top Quality Oil at a price of $8.25 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.29 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales of Refined Oil would take place at…
- Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $86,800 for a standard production run that generates 27,200 gallons of Refined Oil and 13,600 gallons of Top Quality Oil. Additional processing costs beyond the split-off point are $2.45 per gallon for Refined Oil and $2.00 per gallon for Top Quality Oil. Refined Oil sells for $4.25 per gallon, while Top Quality Oil sells for $8.55 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 27,200 gallons of Top Quality Oil at a price of $8.35 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.20 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales of Refined Oil would take place at…Fiorello Company manufactures two types of cold- pressed olive oil, Refined Oil and Top Quality Ol, out of CMA a joint process. The joint (common) costs incurred are $92,500 for a standard production run that generates 30,000 gallons of Refined Oil and 15,000 gallons of Top Quality Oil. Additional processing costs beyond the split-off point are $2.40 per gallon for Refined Oil and $1.95 per gallon for Top Quality Oil. Refined Oil sells for $4.25 per gallon, while Top Quality Oil sells for $8.30 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 30,000 gallons of Top Quality Oil at a price of $8 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.23 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales of Refined Oil would take place at…Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $92,500 for a standard production run that generates 30,000 gallons of Refined Oil and 15,000 gallons of Top Quality Oil. Additional processing costs beyond the split-off point are $2.40 per gallon for Refined Oil and $1.95 per gallon for Top Quality Oil. Refined Oil sells for $4.25 per gallon, while Top Quality Oil sells for $8.30 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 30,000 gallons of Top Quality Oil at a price of $8 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.23 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales of Refined Oil would take place at a…
- Special Order, Traditional Analysis Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $88,850 for a standard production run that generates 34,200 gallons of Refined Oil and 17,100 gallons of Top Quality Oil. Additional processing costs beyond the split-off point are $2.35 per gallon for Refined Oil and $1.95 per gallon for Top Quality Oil. Refined Oil sells for $4.20 per gallon, while Top Quality Oil sells for $8.40 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 34,200 gallons of Top Quality Oil at a price of $8.2 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.27 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales…Special Order, Traditional Analysis Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $88,850 for a standard production run that generates 35,000 gallons of Refined Oil and 17,500 gallons of Top Quality Oil. Additional processing costs beyond the split-off point are $2.40 per gallon for Refined Oil and $1.90 per gallon for Top Quality Oil. Refined Oil sells for $4.25 per gallon, while Top Quality Oil sells for $8.25 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 35,000 gallons of Top Quality Oil at a price of $8.05 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.29 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales…Special Order, Traditional Analysis Fiorello Company manufactures two types of cold-pressed olive oil, Refined Oil and Top Quality Oil, out of a joint process. The joint (common) costs incurred are $87,250 for a standard production run that generates 30,600 gallons of Refined Oil and 15,300 gallons of Top Quality Oil Additional processing costs beyond the split-off point are $2.35 per gallon for Refined Oil and $2.00 per gallon for Top Quality Oil. Refined Oil sells for $4.10 per gallon, while Top Quality Oil sells for $8.20 per gallon. MangiareBuono, a supermarket chain, has asked Fiorello to supply it with 30,600 gallons of Top Quality Oil at a price of $8 per gallon. MangiareBuono plans to have the oil bottled in 16-ounce bottles with its own MangiareBuono label. If Fiorello accepts the order, it will save $0.22 per gallon in packaging of Top Quality Oil. There is sufficient excess capacity for the order. However, the market for Refined Oil is saturated, and any additional sales of…