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BWZ Inc Produces Four Main Products from a Single Process with with Joint

Question 142

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BWZ Inc. produces four main products from a single process with joint costs of $8,000. BWZ had no beginning inventories. Additional data on the four products appear below:
BWZ Inc. produces four main products from a single process with joint costs of $8,000. BWZ had no beginning inventories. Additional data on the four products appear below: Several items are listed below. Match each numbered item with the best response of the lettered item. Each numbered item has only one correct answer. Each lettered item may be used once, more than once, or not at all.
Several items are listed below. Match each numbered item with the best response of the lettered item. Each numbered item has only one correct answer. Each lettered item may be used once, more than once, or not at all.

Premises:
Joint costs allocated to M3 using the physical output method
Joint cost allocated to M1 using the net realizable value method
Total cost of M3 using the constant gross margin NRV method
Product with 2 nd highest joint cost allocation using the sales-value at split-off point method
Joint cost allocated to M3 using the net realizable value method
Product with the highest product gross margin using the constant gross margin NRV method
Joint costs allocated to M4 using the constant gross margin NRV method
Product with the smallest joint cost allocation using the sales-value at split-off point method
Total cost of M 1 using the constant gross margin NRV method
Joint costs allocated to M2 using the constant gross margin NRV method
Responses:
$ 2,001 to $ 2,500
$ 1,501 to $ 2,000
Product M1
Product M2
$ 1,000 to $ 1,500
Product M4
Product M3
More than $ 3,000
$ 2,501 to $ 3,000
Less than $ 1,000

Correct Answer:

Joint costs allocated to M3 using the physical output method
Joint cost allocated to M1 using the net realizable value method
Total cost of M3 using the constant gross margin NRV method
Product with 2 nd highest joint cost allocation using the sales-value at split-off point method
Joint cost allocated to M3 using the net realizable value method
Product with the highest product gross margin using the constant gross margin NRV method
Joint costs allocated to M4 using the constant gross margin NRV method
Product with the smallest joint cost allocation using the sales-value at split-off point method
Total cost of M 1 using the constant gross margin NRV method
Joint costs allocated to M2 using the constant gross margin NRV method
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