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Mikes meats incurs costs of 4000 while processing raw

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Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following.

Sales Price per lb

Quantity produced (lbs)

Breast

$2.00

3,000

Wings

$0.50

1,000

Thighs

$1.00

2,000

Required;

  1. Determine the cost and gross profit percentage for each type of chicken using the physical units method of joint cost allocation.
  2. Repeat partusing the sales-value-at-split-off method of joint cost allocation.
  3. The company has an opportunity to sell wings to local restaurants for $1.00 per pound but additional packaging is required, which will cost $300 per 1,000 lb. Assuming the physical unit method is used to allocate joint costs, should the offer be accepted?

Reference no: EM13572271

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