Question

Torid Company processes 17 comma 875 gallons of direct materials to produce two​ products, Product X and Product Y. Product X sells for $ 10 per gallon and Product​ Y, the main​ product, sells for $ 150 per gallon. The following information is for​ December: Beginning Ending Production Sales Inventory Inventory Product​ X: 5 comma 650 5 comma 500 0 150 Product​ Y: 10 comma 075 10 comma 060 25 40 The manufacturing costs totalled $ 34 comma 000. The production method will report Product X in the balance sheet at​ ________.

Answer 1

Answer: 56500

Step-by-step explanation:

According to the question, the Inventory for Product X at December was 5,650. Whereas, Product X selling price is $10 per gallon.

We will report Product X according to its Net Realization Value (NRV):

5,650 x $10 = 56500.

Answer 2

Answer: Ending inventory:

Step-by-step explanation:

Inventory that left over after sales from total production of goods. It is calculated by adding beginning inventory, goods produced and deducting sales from the total.