In industries that process joint products, the costs of the raw materials inputs and the sales values of intermediate and final products are often volatile. Change the data area of your worksheet to match the following:

hapter 07: Applying Excel
2
3 Data
4 Exhibit 7-6 Santa Maria Wool Cooperative
5 Cost of wool $192,000
6 Cost of separation process $40,000
7 Sales value of intermediate products at split-off point:
8 Undyed coarse wool $110,000
9 Undyed fine wool $168,000
10 Undyed superfine wool $51,000
11 Costs of further processing (dyeing) intermediate products:
12 Undyed coarse wool $50,000
13 Undyed fine wool $60,000
14 Undyed superfine wool $10,000
15 Sales value of end products:
16 Dyed coarse wool $149,000
17 Dyed fine wool $234,000
18 Dyed superfine wool $90,000

If your formulas are correct, you should get the correct answers to the following questions.

a. What is the overall profit if all intermediate products are processed into final products?

b. What is the residual income?

c-1. With these new costs and selling prices, what recommendations would you make concerning the company’s operations?

c-2. If your recommendation in part (c-1) is followed, what would be the company’s overall profit?

Prepare journal entries for each transaction and identify the financial statement impact of each entry. the financial statements are automatically generated based on the journal entries recorded. apr. 1 tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.apr. 2 the company prepaid $9,000 cash for 12 months' rent for office space. the company's policy is record prepaid expenses in balance sheet accounts.apr. 3 the company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. payment is due within 10 days.apr. 6 the company completed services for a client and immediately received $4,000 cash.apr. 9 the company completed a $6,000 project for a client, who must pay within 30 days.apr. 13 the company paid $11,600 cash to settle the account payable created on april 3.apr. 19 the company paid $2,400 cash for the premium on a 12-month insurance policy. the company's policy is record prepaid expenses in balance sheet accounts.apr. 22 the company received $4,400 cash as partial payment for the work completed on april 9.apr. 25 the company completed work for another client for $2,890 on credit.apr. 28 the company paid $5,500 cash in dividends.apr. 29 the company purchased $600 of additional office supplies on credit.apr. 30 the company paid $435 cash for this month's utility bill.

Frolic corporation has budgeted sales and production over the next quarter as follows. the company has 4100 units of product on hand at july 1. 10% of the next months sales in units should be on hand at the end of each month. october sales are expected to be 72000 units. budgeted sales for september would be: july august september sales in units 41,500 53,500 ? production in units 45,700 53,800 58,150

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