In the process of making its quilts, Coronado Company ends up with many small trimmings of fabric and batting that it is able to sell to a pillow manufacturer as stuffing for its pillows. Coronado considers these trimmings as by-products, and it uses the sales method to account for them. The trimmings can be sold for $460, while the joint process costs are $7,700. If the quilts are worth $22,000 at the time of completion, how much of the joint costs will be allocated to the trimmings? How much revenue will Coronado record when the trimmings are sold? (Do not leave any answer field blank. Enter O for amounts.) Allocated joint costs to the trimmings Revenue when the trimmings are sold $ $

In the process of making its quilts, Coronado Company ends up with many small trimmings of fabric and batting that it is able to sell to a pillow manufacturer as stuffing for its pillows. Coronado considers these trimmings as by-products, and it uses the sales method to account for them. The trimmings can be sold for $460, while the joint process costs are $7,700. If the quilts are worth $22,000 at the time of completion, how much of the joint costs will be allocated to the trimmings? How much revenue will Coronado record when the trimmings are sold? (Do not leave any answer field blank. Enter O for amounts.) Allocated joint costs to the trimmings Revenue when the trimmings are sold $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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